Nearly £2.8bn has been withdrawn from UK property funds since the start of the year, according to statistics from the Investment Association.

There was £28.2bn under management at the start of the year in all property funds, including funds of funds. By August, this had fallen to £25.4bn.

The two largest falls occurred in June and July, in the run up to and immediately after the referendum vote, when a combined £3bn was withdrawn. The net retail sales from the funds in those two months totalled £2.3bn.

However, the exodus from the funds, which have all, bar one, reopened or announced their reopening, seems to have reversed in August.

Retail investment into the funds increased by £1m. While total measured property funds under management increased by £105m.