The booming property market is showing signs a slowdown could be around the corner with people no longer prepared to pay high prices.

The Royal Institution of Chartered Surveyors (RICS) said there had been a drop in buyer inquiries, while both the Council of Mortgage Lenders (CML) and the British Bankers' Association (BBA) reported a fall in lending last month.

The RICS said during the three months to the end of June, house prices rose at their fastest rate for more than two-and-a-half years as a shortage of properties continued to drive the market.

But house price inflation looked likely to ease in the coming months as anecdotal evidence suggested consumers were becoming increasingly reluctant to pay soaring prices.

The RICS said this suggested the market would slow down with house price inflation easing back to more sustainable levels.

The CML said total new lending last month fell to £17.1 billion, down from May's record of £20.3 billion.

The proportion of loans taken out by first-time buyers fell to 33 per cent, down from 43 per cent in June last year, suggesting people were finding it increasingly difficult to get on the property ladder.

CML director general Michael Coogan said: "After several months of buoyant figures, which culminated in record lending in May, it is no surprise we should see a decline."

The BBA welcomed the slowdown in borrowing, with net lending, which takes into account redemptions and repayments, by the major banks down to £4.15 billion last month, the lowest increase for three months.