I\'m running a .Net 4.5 WPF application in Visual Studio 2015 Update 1 in a Debug build configuration.
In Tools > Options > Debugging > General I have checked Enable UI
On my end, the issue was that the Target device under the project Properties\Debug\Start Options had somehow changed from "Local Machine" to "Simulator". Going back to "Local Machine" (without changing any of the other debug options mentioned in the other answers) brought back the live visual tree and the live property explorer.