It was a good month for the FTSE 100, but a far better one for property shares.

The FTSE 100 rose 2.8% in January, making it the index’s best month for almost a year. The gains, however, look modest compared to the 8.2% increase in the value of UK REITs.

It would have been even better had it not been for a hiccup on Friday, when the FTSE REIT Index dropped 1.42%. It was also a poor day’s trading on the FTSE 100, which retreated 0.9% following the release of some disappointing data on US economic growth.

The only REITs not to be marked down were the two Irish REITs, Hibernia and Green, which continue to benefit from rapid rental growth in Dublin and rising valuations.