Property prices are expected to grow by 5% a year over the next five years, according to the Royal Institution of Chartered Surveyors (Rics).
This prediction had edged down in recent months, Rics said.
Price rise expectations in London have dropped from an estimate of 9% a year in March to just under 5% now.
"What we are really seeing is some of the very strong upward momentum starting to come off the housing market, as a lack of supply, higher prices, more prudent lending measures and some of the talk from the Bank of England are creating a level of caution among sellers and buyers," said Simon Rubinsohn, chief economist at Rics.
The Rics survey is one of a number of different surveys that are published about the UK housing market.
Earlier this month, the Nationwide Building Society said that there had been signs that activity in the UK housing market was starting to "moderate".
However, prices have risen in most parts of the country in recent months, with London showing double-digit annual growth in property prices.

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The Belfast bout was cancelled after Gutierrez, 24, slipped in the shower on Friday and suffered facial cuts, two broken teeth and bruising to the head.
Northern Irishman Frampton, 30, had earlier weighed in for the fight a pound over the featherweight limit.
That meant the contest would not have been a WBC title eliminator for him.
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It is not clear if the rescheduled fight would be a title eliminator and much depends on the time required for Gutierrez to fully recover from his injuries.
Frampton's manager Barry McGuigan said on Friday: "We're all so disappointed. It was a freak accident.
"He slipped in the shower, smashed his face, the guy is concussed. He has a deep gash on his chin, his nose, lost two of his teeth."
WARNING: Image of Gutierrez's facial injury below
Saturday's bout was due to be Frampton's homecoming fight after losing to Mexican Leo Santa Cruz in Las Vegas in January.
"Since the accident on Friday night and subsequent event cancellation, Cyclone Promotions, the SSE Arena, the Gutierrez management team, boxing authorities and relevant broadcasters have been working to agree a new date for the fight," Cyclone Promotions and the SSE Arena said on Saturday.
"We appreciate the patience of all ticket holders who can retain their tickets pending confirmation of a rescheduled fight. For anyone wishing to arrange a refund, further details will be released early next week.
"We wish to apologise once again for this very unfortunate cancellation and wish Andres a speedy recovery from the serious injuries he sustained last night."
Surveyors have reduced their expectations for house price growth in the UK, despite a continued shortage of homes for sale.
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Work has started on agreeing a new date for Carl Frampton's featherweight fight against Mexican Andres Gutierrez after Saturday's contest was called off.