Returns for all UK property were largely unchanged at the end of January, according to the latest monthly index from CBRE.

The All UK Property segment recorded a total return of 0.3% in the month, unchanged from December. Annual total returns rose slightly to 2.1%.

Capital values continued to slip, declining by 0.2% in January, which was also a repeat of the declines recorded in the final two months of 2012.

Central London offices continued to be the only sector in which capital values increased, up by 0.3%.

In offices outside the capital, values fell by 1.1% over the month.

Overall retail values fell by 0.3% in January; however, retail warehouses showed some signs of stabilisation with a capital value decline of just 0.1%.

Rental values across All UK Property were flat in January, having grown marginally in both November and December.

The shopping centre segment saw the largest fall in rents, down by 0.4%.

Offices in London, both central and non-central/M25, were the only two sectors to see rental growth, up by 0.8% and 0.2% respectively.

CBRE researcher David Inskip said:"These figures show that the improved sentiment seen in equity markets and the broader economy since the turn of the year is yet to feed through into the UK property market.

"In particular, the decline in retail rents is a clear reflection of the troubles facing stores at present including a number of major chain administrations. Fortunately an improving outlook for household incomes should help to mitigate this as the year progresses."