The British commercial property market last month entered its first technical 'recession' since before the downturn of the early 1990s, figures released yesterday showed.

The value of rental income in the sector has fallen in every month since August, according to property analysts IPD.

By March, rents had fallen year-on-year for two consecutive quarters – analogous to the conventional definition of a recession in the wider economy.

'This is the first time in 22 years that we’ve seen two consecutive quarters of negative income growth for this sector,' said Ian Cullen, IPD co-founder.

Financial Times