The BoE's chief task is to use monetary policy as a tool to keep the inflation rate close to a 2.0-percent target, in order to preserve the value of money.
The rate hike, widely expected, follows a similar increase by Hungary's central bank on Tuesday that was the first in the European Union in the aftermath of the pandemic.
ECB chief on June 10 said it was "too early" to consider winding down pandemic support, even as the economic recovery gathers steam and inflation surges.
The US housing sector has become red hot, boosted by a strong economic recovery, ultra-low interest rates and continued demand for bigger homes from people working remotely due to the pandemic.
The fundamental premise of the Home Partners platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it.
"The tight trading ranges seen so far this month reflect the cautious mood in the market ahead of the inflation numbers," said Fiona Cincotta of City Index.
The global economy is now expected to grow 5.6 percent this year, 1.5 points faster than projected in January -- the fastest post-recession bounceback in 80 years.