And this outperformance is repeated over the longer term. Property is now the top performing UK asset class over the last three and five years. Over the past three years property has produced an annual total return of 11.9% compared with 2.2% for equities and 6.2% for bonds. And over five years, property has produced 13.1% per annum, against 11.0% for equities and 9.1% for bonds.

APUT Chairman Ian Mason said: 'It would appear that property's critics have been proved wrong. At the start of the year we said that property would not be immune to global economic pressures, and values have fallen, but the sector is still protected by both the discount in the yield and the sound fundamentals of supply and demand in the occupational markets.'

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