U.K. February Halifax house price data showed a 2.3% m/m drop after January’s unexpected 1.9% increase and compared to our survey median for a 2.0% fall in February. The 3m y/y trend rate decelerated to -17.7% from -17.2% in January. Overall, data hence shows that the bottom has yet to be reached for the U.K. housing market, despite January’s Halifax up-tick, and given rising unemployment, we expect house prices to fall though most of this year.