The British Retail Consortium confirmed what many retailers have already discussed previously, namely, weak sales last month - the worst for at least 16 years. Sales at stores, compared with a year earlier (excluding new outlets) fell by 3.5% in March due to loss of consumer purchasing power and Easter. In the first quarter, this indicator showed sales falling by 0,5%. Yesterday CEBR suggested that the real disposable income will be reduced this year by 2%, after falling 0.8% in 2010. A separate study showed softening RICS downward pressure on home prices - the index rose to -23% from -26% in February. However, inquiries from new buyers fell even more, and the volume of completed sales had dropped to 21-month low. Not surprisingly, the pound is under pressure in recent weeks. In early trading EUR / GBP has lost an additional 0.25%, dropping to 0.8850.
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