The Royal Institute of Chartered Surveyors believes that the first signs of a slowdown in the housing market have appeared. This is conclusion has been arrived at as a result of the information in the latest residential property survey, published today.

You might not believe it judging by some of the headlines that are already popping up in the wake of the survey, but RICS actually reports a steady upwards trend for house prices in the last month. In fact, the 'easing' that everyone is talking about simply refers to the fact that a similar proportion of surveyors have recorded price increases in the last month as in the previous month. This may or may not mean that the growth in the average level of house prices has been halted, with it being perfectly possible that many areas are still seeing rampant increases.

RICS says that the biggest problem facing the market is still the shortage of suitable homes. The average number of properties per surveyor fell for the third consecutive month. The ratio of completed sales to unsold stock rose to 64%, the highest since August 1988.

Despite the shortage of properties, many chartered surveyors expect prices to continue to rise in the coming months. However, somewhat fewer surveyors are confident of this fact than at this time last month, with a 56% difference between those expecting prices to rise against those expecting prices to fall, down from 75% last month.

Sales are expected to hold steady in the coming months as the effects of the Jubilee celebrations, the World Cup and the start of the summer holiday period slow the market. Buyer enquiries have seen a modest pace of growth in the run up to these events. The difference between surveyors noting a rise in enquiries against those seeing a fall is 16%, down on the 50% reported last month.

RICS national housing spokesman, Ian Perry, said: "The summer months are traditionally a quieter period as people focus on holidays, and the first signs are appearing that the housing market may be losing some of its heat and heading, if not for a slowdown, then at least for a period of stability. The market does need this as it will greatly help the first time buyer who has been finding it difficult to keep up with rapidly rising prices and competition from the buy-to-let sector."