UK property funds are keeping trading suspensions in place over fears of an investor run.

Last week St James’s Place, Threadneedle and L&G announced that they would reopen their property funds, but others are refusing to follow suit.

Unease over low cash buffers and regulatory uncertainty have made many cautious, trapping close to £22bn of investor money.

Regulatory proposals, which are designed to prevent fund liquidity mismatches by introducing longer redemption notice periods, could have the opposite effect by encouraging investors to withdraw en masse before the rules come into force.