UK commercial property values grew in May for the first time since 2011.

The 0.01% growth last month was driven by improvements in the office and industrial sectors, with industrial property values returning to growth for the first time in two years.

However, UK commercial property values are still 37% below their pre-crash peak.

The total return for all UK property was 0.6%, driven by income returns of 0.6%. This compared favourably with bonds, which returned -2.3% over the same period. Equities returned 2.8%.

Phil Tily, managing director, UK and Ireland, at IPD, said: "It may seem like insignificant growth, but this is an important milestone for the UK property market. After the double-dip recession and a fall in values of over 37%, UK property has finally, painstakingly, clawed itself back to growth.

"Admittedly, we cannot overlook the mountainous task ahead of the sector, for much like the wider economy, it remains a long road to recovery. But although it will be an uphill struggle, at least, after six very long years, there are signs of improvements."