The total volume of IPD index property derivatives traded in the final quarter of 2009 was 99 trades worth just under £1bn.

IPD said this afternoon that the total volume of trading last year - at just above £3bn - was the lowest annual figure since 2005. It was less than half the £7.7bn of trades in 2008 and £8.3bn in 2007. Over the final quarter, the average deal size executed was £10m.

In the UK, in which the vast majority of deals are traded, 88 trades worth £907m were executed, while France contributed seven trades worth £44m and Germany three trades worth £15m – a modest pick up after two successive dormant quarters.

The aggregate value of trades executed on IPD indices since recording began in the fourth quarter of 2004 now stands at £24bn over 2,441 trades. The outstanding notional amount is now £11.4bn.