All-property yields moved up modestly in 2012, in line with our forecasts, but we think that this small adjustment is now all but over. Equally, however, renewed falls in yields and rises in capital values are unlikely until late this year at the earliest, with any shifts set to be small at best. After a figure of 3% last year, we expect all-property total returns to improve to about 5% this year and to 7% in 2014.
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