You're missing a lot of important contextual information, though the graphs are useful. To understand it, we need to talk about gold and pensions.
First off, monetary policy is coordinated on a global level. If the UK wants to raise interest rates, someone important calls someone in the US and talks about it. This is why similar decisions tend to be made in multiple countries at once.
Between 1999-2002, the UK Treasury sold 401 tonnes of gold* - over half its supply - while prices were plummeting. As I said, these things are coordinated, and other countries did the same, looking for guidance to US Federal Reserve chairman Alan Greenspan.
In 2002, I worked briefly for an investment company and saw that the trend line for gold went down in the market charts, while another line went up in the opposite direction: property investments. Everyone collectively pulled their money out of gold and put it into property: pension fund values (based on gold and stocks) had fallen, so people looked to property to plug the funding gap.
To protect their investments, these speculators mounted a media campaign to encourage more people to buy property, and prices surged. Banks were deregulated and risky loan vehicles created until the crash of 2008. Houses stood empty - at one point, 3 million of them - as speculators didn't want renters to damage them before they sold the buildings on. It was the most disgusting display of callous greed I've ever seen.
People were priced out of London into Brighton and Cambridge. People were priced out of Brighton and Cambridge into Eastbourne and Ely. The villages groaned under the strain of unexpected newcomers (my village alone has three primary schools; one was still being built as we moved in!) and the cities started to empty out.
Then we had Brexit (a scheme devised by Russia**, Covid (unavoidable, but handled badly), and 'Lettuce Liz' Truss's disastrous budget - the three, combined, led to financial ruin. The only possible response was to inflate away the debt: house prices haven't come down, but £200k is worth less than it was 10 years ago.
Now, we need to release some of the hoarded wealth - perhaps through high-interest government bonds - and fill up the empty houses. It looks like the US is already doing the bond thing***, and using the money, as it must, to restore the country.
*https://www.bbc.co.uk/news/business-48177767
**https://en.wikipedia.org/wiki/Foundations_of_Geopolitics
*** https://markets.ft.com/data/bonds/tearsheet/summary?s=US10YT
