The Bank of England left U.K. interest rates unchanged before Easter, perhaps to give the hard-driving mortgage market a brief respite for the religious holiday.

But we all know that just as fluffy bunnies and hollow milk chocolate eggs do little to underscore Easter's spirit, such is the effect of interest rate hikes on mortgage growth. The recent data on U.K. house price inflation and mortgage equity withdrawal show that the 75 basis point increase in rates thus far has done little to cool the housing market.

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