A gradual slowdown in the market has been reported

It said there had been a freeze in house prices across the UK for the first time in a year.

Prices are still rising in Scotland, but not at the same rate as in previous months studied.

There was a fall in the percentage of surveyors reporting price rises of more than 5% north of the border.

However, no falls in price were seen in the three months to July.

Chartered surveyors believe back-to-back interest rate rises are responsible for a drop in the number of people looking to buy, even taking into account the summer quiet time.

When the market cools it provides a great opportunity for first time buyers Peter Miller RICS

Peter Miller, director of the RICS, said: "Across the UK this is a traditionally quiet time of year but still buyers and sellers are showing a noticeable air of caution.

"The latest indication from the Bank of England is that interest rates are unlikely to increase substantially from now until the end of the year.

"In Scotland our members report a gradual slowdown in the market, but this may well be as a result of the holiday season. Prices continue to rise, albeit less strongly than in previous months.

"Supply and demand varies across local areas but, overall, the market remains firm."

Static prices

He added: "When the market cools it provides a great opportunity for first time buyers. We expect a steady demand for property as we go into the autumn but only on those that are correctly priced."

The figures covered the three months to July. During that period 3% more surveyors reported a rise in prices than a fall, compared to 17% in June and the recent high of 45% in March.

Prices were static in the English Midlands and East Anglia, falling in some areas of southern England, while showing moderate increases in the north west, Yorkshire and Humberside and Wales.