The sharp fall in property values eased in January.
The CB Richard Ellis Monthly Index showed a fall in capital values of 2.1% in January, compared to 4.3% in December and 4.1% in November.
Total returns for the month were -1.6%, meaning property hugely outperformed equities, with stock market volatility leading to the FTSE All-Share Index returning -8.7% for the month. The year-on-year total return is now -7.4%.
Of the three broad sectors, offices were the best performing with a negative monthly return of -1.4%, against -1.8% and -1.9% for retail and industrials respectively.
All property rental growth remained muted at just 0.2% in January, and unmoved at 4.1% annually.