Outflows from UK property funds surged in June, taking the year-to-date withdrawal total to £241m.
Investors pulled £79m from funds last month, according to fund network Calastone, the highest monthly net outflows so far this year.
That puts the Q2 total at £148m, following £93m of withdrawals in the first quarter.
Investors shunning property and equity funds instead put their money into fixed income and money markets.
Edward Glyn, head of global markets at Calastone, said: “Fixed income funds and their money market cousins have not looked so attractive since before the global financial crisis. At the same time, recession fears are stalking equity and property markets – investors are nervous. The result is a flight to safety.”
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