Property fund business drove net retail sales of investment funds to the highest level for a year in April, figures from the IMA have revealed.

Net retail sales in April came to £1.76bn, the highest level since last April's £1.96bn inflows.

Richard Saunders, chief executive of the IMA, said: "Net retail sales last month were at their highest levels for a year, bolstered by a good late Isa season. Specialist funds, notably property, were the best selling sector for the 16th consecutive month, followed by a strong showing from the UK equity income sector."

The general increase in sales was reflected by inflows into equity funds, which were at their highest since April 2006 at £1.2bn.

Specialist funds saw net inflows of £487.8m from retail investors, with the vast majority via intermediaries.

Close behind the Specialist sector came the UK Equity Income peer group, which saw net retail sales of £392.2m. The sector was also the month's favourite among institutional investors, who contributed £418.4m in net inflows.

For the second time in the last six months, Japan funds saw the worst net retail sales, with £62m of net outflows.

Compared to retail enthusiasm for equities, institutional investors pulled £261.8m out of the asset class, investing £337.3m in bond funds instead, with over £150m flowing into UK Corporate Bond vehicles alone.

Offshore funds with UK distributor status saw £172.3m in net retail sales after £30.2m in net outflows in March.

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