Directors' Notification of Dealing in Shares

Crest Nicholson PLC
11 July 2000

              Crest Nicholson PLC ('the Company')

Crest Nicholson PLC was advised on 10 July 2000 that following
the  exercise  of options under the SAYE Share Option  Scheme,
Crest  Nicholson  Quest  Trustee  Ltd  has  transferred  1,204
ordinary 10p shares in the company at an exercise price of 58p
per share on 10 July 2000.

Messrs. J Callcut, P Callcutt, JC Littler, PR Murray, D  Ross,
S  Stone  and BG Walker, directors of Crest Nicholson PLC,  as
potential  beneficiaries of the Trust are treated as  having  a
non-beneficial interest in these shares.

Following  this transaction Crest Nicholson Quest Trustee  Ltd
now holds 499,588 ordinary shares in the company.