The IPD UK Quarterly index has delivered the first negative total return in its history. Financial Times

The index showed that total returns dropped 1.1% for the third quarter of this year, as declining capital values for commercial property in the UK more than cancelled out income revenue.

Income returns remained steady for another quarter at 1.1%, but capital values dropped 2.2%.

Retail was the worst performing sector with total returns down 1.8%, with industrial property showing a decline of 1.6% and offices 0.2%. West End offices were the only area to show a positive return, with a 2 % increase in the quarter.