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 The housing market slowed in July, according to figures from the National Association of Estate Agents (NAEA).
All the indicators monitored by the industry body suggested that recent interest rate rises and wider concerns about the property market and the economy had reined in activity.
Buyer registrations, properties on the market and sales per agent were all down.
The figures suggest three interest rate rises over the course of this year and speculation about further increases have hit confidence.
"The dramatically reduced figures reported by agents are clearly quite concerning," said NAEA president Stewart Lilly.
"It is apparent that the summer season coupled with the interest rate rises has clearly affected buyers and sellers during the month, leading to the significant drops in buyers, sales and stock."
Bad weather has also been a factor, with the wet summer putting some people off either marketing their home or viewing potential new properties.
Mr Lilly added: "The next couple of months are likely to see the housing market continue to be slower than usual for the time of year."
The Bank of England has succeeded in reining in inflation in recent months, but most analysts expect another increase in the cost of borrowing before the end of the year.
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