Property funds for retail investors saw net outflows of £792m in July, according to data from the Investment Association.

It comes after net outflows spiked in June at £1.4bn during the month of the EU referendum.

The data for July captures the week at the beginning of the month when investors rushed to get their money out as several funds temporarily suspended trading. Since then, those funds that have remained open, including L&G and Kames Capital, have seen a significant improvement in flows. 

Net outflows from all categories of funds for retail investors totaled £1bn in July, which is significantly down on June when equity funds alone suffered net outflows of £2.8bn.

Guy Sears, interim chief executive of the Investment Association, said: “UK retail investors remained cautious as they sold out of equity and property funds, favouring fixed income, mixed-asset and absolute return strategies.”