Property delivered no monthly return in August for the first time in almost 15 years, according to the latest IPD Monthly Index.

The income return of 0.4% was cancelled out by a fall in capital growth of 0.4%. The year-to-date total remains at 4.6%.

Industrial property returns fell into negative territory for the first time since August 1995. Total return was -0.2%, with capital growth of -0.5% and income return of 0.6%.

Retail property continued its slide of recent months, with total returns of -0.2%, the lowest level since September 1992.

The only sector to outperform was offices, but the total return of 0.4% was a large drop on July’s figure of 0.7%. The sector provided flat capital growth, but rental values increased by 1%, with central London a strong driver.

Overall, all-property total returns stand at 9.9% year on year, the lowest return since September 2002.