A regular survey of fund selectors carried out by Last Word identified a notable shift in sentiment on the asset class around late summer 2015.
According to the data, fund selectors as a whole crossed over from being net buyers of property funds to net sellers at this point and it was downhill from there for the asset class as shown below.
Sentiment deteriorated right through until March this year before stabilising, but remained in negative territory.
The survey deals in intentions and sentiment regarding asset classes rather than actual buy or sell decisions that have already taken place.
The implication of this is that potential crunch points can be to some degree seen in the making, given the right data.
While declining sentiment towards an asset class does not necessarily mean a sudden spike in redemptions will occur at some point in the near future, it does imply at least a risk of that.
For a crunch point to actually transpire, a catalyst would likely be required as seen with the EU referendum and UK property funds so spectacularly last week.