Further rumblings about the uncertainties facing the UK retail market came under the spotlight last week when British Land sold two shopping centres in Slough for €296 million (£200 million). They had been on the company's books at €326 million (£220 million).

The deal, small in absolute terms, may be attributable to local difficulties. But the Financial Times reported that it could also be a cipher for a change in mood in the UK retail property market.

Yields on shops, which have long been falling amid huge demand for real estate, may have ticked up again - suggesting a fall in values. The FT said that many experts believe that secondary shopping centres and shops are particularly exposed when the property boom comes to an end. And that time may have come, according to Stephen Hester, chief executive of British Land.

Investors appeared to take fright at his comments, even though Hester has long maintained a studiously cautious outlook.

He warned that investors in parts of the property market where prices had risen too much could be disappointed.