Retail sales fell at their fastest pace in a year and stores expect a further deterioration in August, as hard-hit consumers clamp down on spending, a survey by the Confederation of British Industry showed last Thursday. The CBI distributive trades survey's reported sales balance fell to -5 in July from -2 in June, the lowest reading since June 2010. The reading also confounded hopes that the traditional summer discounting period would drive sales higher. Analysts had expected an improvement in the balance to 0. The expected sales balance for August fell to -12 from +2 in July, also the lowest in a year. Grocery stores were particularly hard hit, the survey showed, reporting a negative sales balance of -16 -- the lowest since December 2008. Footwear and leather stores recorded a sales balance of -84, the weakest since March 2009. On Friday The Nationwide reported house prices nudged up in July, pointing to a stabilisation of the housing market on a low level as demand remains sluggish. Nationwide's July house price index ticked up 0.2% on the month, remaining 0.4% below the year-ago level. Other surveys have also provided little evidence that the housing market is picking up.