"Some of the momentum has come out of the housing market of late reflecting in part concerns over a likely rise in the cost of borrowing at some point in the not too distant future," said Simon Rubinsohn, chief economist at RICS.
Bank of England Governor Mark Carney said on Tuesday the Bank of England may start to raise interest rates next spring if the labor market continued to recover from the financial crisis.
Read MoreUK's prime housing market hit by tax changes
The RICS survey of chartered surveyors added to evidence that London's housing market is cooling off after fervent price growth earlier this year. The London house price balance eased to +9 in August from +11.
"There are signs that the London market is gradually moving onto a more sustainable footing with a modest increase in the number of instructions coming through slowly helping to create a better balance with demand, and in the process, taking the edge off price gains," Rubinsohn said.
Britain's biggest housebuilder Barratt Developments on Wednesday predicted a return to "more normal" trends in Britain's housing market.
Read MoreForget buying, wealthy Russians now renting in London
Other surveys paint a mixed picture of the housing market, which Carney has described as the biggest domestic threat to Britain's economy.
Mortgage lender Halifax on Monday said house prices barely rose in August, while official data last week showed mortgage approvals dipped in July.
But another major mortgage lender, Nationwide, last week said house prices surged 0.8 percent in August, far outstripping forecasts.