Retail sales figures fall as housing sector cools

UK retail sales fell again in February and the usually robust housing sector is reporting a slowdown. February retail sales volumes were down 0.1% from January, following a 1% fall the previous month. Over the 12 months to 20 March, the growth in retail sales volumes slowed from 4.3% to 3.2%, the weakest annual rate of increase since July 1999. Meanwhile, total lending figures from the Council of Mortgage Lenders dropped to £17.8m in February from £19.4 in January, its lowest level since June 2002. This suggests a key driver for consumer confidence may be about to falter, signallin...