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Nationwide: Housing affordability isn't too stretched

House prices rose by 0.6% in February, a 9.4% increase on the same month in 2013, according to the Nationwide Building Society.

The annual rate of growth is the fastest for almost four years, raising questions about whether a housing bubble is forming.

However, Nationwide chief economist Robert Gardner told BBC News that while house prices were high, mortgage repayments remained affordable compared with pay, because of low interest rates: "On that measure, we're actually in line with the long term average."

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