However, despite falls in prices in areas including the west Midlands, the north-west and East Anglia, London's house prices continued to increase.
Commenting on the research, RICS spokesman Ian Perry said: "Potential house buyers have become far more cautious as they wait and see what affect interest rate rises will have on household finances."
The RICS housing market survey is the UK's oldest monthly study of prices in the property market.
Its findings come at a testing time for the sector, after Abbey recently announced higher interest rates for its new mortgage customers. Standard Life is also expected to review its own rates in the next week.
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