The housing market has reached a "plateau", according to a survey of chartered surveyors across the UK.
The Royal Institution of Chartered Surveyors (RICS) said the number of house sales agreed in August fell for the first time in two years.
Surveyors also expect prices to rise more rapidly outside London than in it.
The Confederation of British Industry has said a "perfect storm" is brewing in the housing market.
The annual pace of US house price growth slowed in June, a survey has indicated, continuing a long-term deceleration in the US housing market.
The S&P/Case Shiller 20-city index saw an 8.1% year-on-year price increase in June, compared with a 9.4% rise in May.
Annual house price inflation was 10.2% in June, compared with 10.4% in May, according to the Office for National Statistics (ONS).
The rise was again driven mainly by London, where house prices increased by 19.3% over the year, a slight drop from the previous month's figure.
Excluding London and the South East, prices rose by 6.3% across the UK.
Prices were up in every region, including Northern Ireland, where they rose by 4.9%.
Homeowners could be compensated if the value of their property falls when new garden cities are built, Deputy Prime Minister Nick Clegg has suggested.
Mr Clegg told the BBC's Countryfile the government could buy homes blighted by developments or offer owners council tax cuts while building takes place.
With house prices growing faster than incomes in many parts of the UK, is your house making more money than you do? Find out by using the calculator below.
Seven out of 10 regions of England and Wales recorded month-on-month falls in house prices in June, according to the Land Registry.
Prices overall across England and Wales were unchanged in June compared with May, the survey suggested.
However, property prices were still 6.4% higher compared with a year ago, leaving the average home priced at £172,011.
House prices in London are expected to fall over the next three months, a poll of chartered surveyors has indicated.
By a majority of 10%, London surveyors said prices were more likely to fall than rise, the Royal Institution of Chartered Surveyors (Rics) poll found.
It is the first time in more than two years that this particular measure has turned negative.
Rics said stricter rules for borrowers, which began in April, were slowing momentum, "particularly in London".
Further evidence of a two-pace housing market has been revealed as data shows prices rocketing in London but rising below inflation in some other regions.
Property prices were up by 18.5% year-on-year in London in May, but only rose by 0.9% in the North East of England and 1.3% in the North West.
Home sales hit their highest level of the year in May but a banking group says the "heat is coming out of the housing market".
Some 100,360 homes were sold in the UK during the month, up from 95,600 in April, data from HM Revenue and Customs (HMRC) shows.
Sales tend to pick up at this time of year, known as the spring bounce.
But the British Bankers' Association said mortgage approvals - an indicator of future sales - had dropped.
Opt in here