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The risk of an over-heating market was touched upon in Nationwide's commentary, with Mr Gardner saying - as he has stressed previously - that new housing supply is a potential problem. He said: "The risk is that if demand continues to run ahead of supply, affordability may become stretched." He pointed out that by having to commit 29pc of take-home pay to paying their mortgage, a first time buyer today was "in line with the long term average". But he added that current affordability was being "supported by ultra-low interest rates"
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