Housing supply remains low as new instructions fell for the second consecutive month in April, keeping annual price growth at 9.2%, Halifax has revealed.

The lender’s latest House Price Index shows average prices reached £213,472 in May, 1.4% higher than the preceding three months and up 0.2% on last month.

Homes sales dropped by 45% in April in the aftermath of the Stamp Duty rush.

Sales fell from a record high of 153,700 in March to 84,300 in April, the lowest level since March 2013.

Separate research from Halifax also shows property prices per square metre have risen 432% in Greater London against a national average of 251% over the past decade.

While London dominates as the most expensive property location per square metre, five areas outside the south of England are also above the national average of £2,216.

These are Solihull, Leamington Spa, Altrincham, Edinburgh and Harrogate.

Martin Ellis, Halifax housing economist, said: “House prices in the three months to May were 1.4% higher than in the previous quarter. The annual rate of growth was unchanged at 9.2%, the lowest since last autumn.

“Low interest rates, increasing employment and rising real earnings, continue to support housing demand. The strength of demand, combined with very low supply, is causing house prices to rise at a brisk pace in quarterly and annual terms.

“Increasing affordability issues, caused by a sustained period of higher-than-earnings house price growth, should curb housing demand and result in some slowdown in house price growth as the year progresses.”

In comparison, the Nationwide House Price Index earlier this month had prices up 0.2% between April and May and up 4.7% annually to £204,368.

LSL’s latest house price index for April had prices at £298,030, up 8.9% annually and 1% monthly.

This shows the disparity among indices and many will be awaiting the launch of the Government’s new official house price index  to see if it provides a clearer picture.

The new data, first being released on June 14, replaces the Land Registry’s monthly reports with quarterly figures providing a UK summary, one for England, one or Scotland and one for Wales.

As well as average property prices it will also provide a breakdown for first-time buyers and new-builds, as well as by postcode giving a more exact reflection of individual areas.