Last edited by SUDHKAMP; 01-Jul-2008 at 12:26. Reason: forgot to complete the sentence
I am an English Philologist. I do agree with most of people here; "IT IS TIME WE WENT HOME" is correct, as well as "IT IS HIGH TIME WE HAD TEA".
According to me, the explanation is -"IT IS TIME........." and "IT IS HIGH TIME......." both are phrases which are used with past form of the verbs.