Aberdeen Asset Management has relaxed the penalty imposed on investors seeking to withdraw cash from its property fund.

10 Hammersmith Grove was sold by Aberdeen but further asset divestment is no longer needed - Source: 1012HG

The group had imposed a 19% levy on customers who rushed to withdraw cash from the fund following June’s Brexit vote, when 10 large property funds faced mass demands for withdrawals and seven suspended trading.

Aberdeen’s exit penalty is now back at its pre-referendum level of 1.25%. The company said it no longer needed to sell assets quickly to meet demand for redemptions by customers.

Martin Gilbert, chief executive at Aberdeen,​ said: “While property values have fallen following the UK’s vote to leave the EU, investors do now appear to be taking a more measured assessment of property as a long term investment.”

“Indeed we are seeing some signs of buying activity in light of recent market moves,” he added.

At one point last month all withdrawals from the Aberdeen fund were frozen to help stave off the rush for redemptions. That freeze was then lifted three days later and the withdrawal levy was reduced from 19% to 7%.

Five funds remain suspended, locking in their investors.They are Aviva Investment Property Trust, Henderson UK Property Trust, M&G Property Portfolio, Standard Life UK Real Estate and Threadneedle UK Property Trust.