RNS No 8519q
NORTHERN COUNTIES HOUSING ASSOCIATION LIMITED

                                   DOCUMENT RE:
                           ISSUE OF A FURTHER #30,000,000
                                  9 1/8 PER CENT
                  GUARANTEED SECURED STOCK 2025 (THE "NEW STOCK")
   ISSUED AT #135.602 NOMINAL PLUS ACCRUED INTEREST OF #3.55 PER #100 NOMINAL
     (FROM BUT EXCLUDING 31ST JANUARY 1998 TO AND INCLUDING 22ND JUNE 1998)


A copy of the above is available for inspection from the Company
Announcements office of the Stock Exchange, London.

END


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