uk house prices skidded in july by the most in 14 years a leading mortgage provider said tuesday nationwide reported a 02 seasonally adjusted change in july to take its home price index down 38 yearoveryear the decline in home prices comes as the bank of england has aggressively raised interest rates to fight inflation which at nearly 8 is one of the highest in the industrialized world nationwide pointed out the market’s forecast for peak bank rate has moved as high as 65 unlike in the us most homes have mortgages from two to five years in the uk making the housing market more interestrate sensitive according to nationwide a prospective buyer earning the average wage and buying the typical firsttime buyer property with a 20 deposit would see monthly mortgage payments of 43 of takehome pay up from 32 a year and above the longrun average of 29 in june there were 86000 housing transactions down 15 yearoveryear