5-year gilt yield (nominal par), United Kingdom
The 5-year gilt yield in the United Kingdom was 4.92% in , up 0.33 pp from and up 0.89 pp from a year earlier. Over the latest 12 readings it moved between 3.70% and 4.92%. The next reading is for October 2026. Source: Bank of England, Bank of England Database IUMSNPY; history from .
Key takeaways
- The 5-year gilt yield at 4.92% in beats 95% of readings since (Bank of England).
- Against a ten-year average of 2.02%, the 5-year gilt yield is above that norm by 2.90 pp (Bank of England).
- The 5-year gilt yield has risen for 3 readings in a row up to (Bank of England).
What this indicator is and why it matters
The 5-year gilt yield is the nominal par yield on UK government bonds with five years to maturity, taken from the Bank of England's estimated yield curve for British government securities. A par yield is the coupon a bond would need to pay to trade at its face value. The series here is the yield at the end of each month (series IUMSNPY).
Five years is the term on which many UK fixed-rate mortgages and business loans are priced, so this yield, together with swap rates, drives the cost of the fixed deals that most UK homeowners take out. It reflects where markets expect Bank Rate to be over the medium term and moves strongly on inflation data and Bank of England communications.
Its timing differs from the other countries' yields. Unlike the US, Canadian and Australian yields on this site, which are monthly averages, the UK yields here are end-of-month readings, so a single volatile day can set the figure for the whole month; in September 2022, after the government's fiscal statement, gilt yields jumped within days and the Bank intervened to stabilize the market. And because the yield comes from a fitted curve rather than a single bond, it can differ slightly from the yield quoted on any individual gilt.
Where it sits in history
The 5-year gilt yield is at its highest since , when it stood at 5.23%. Within ten years, the 5-year gilt yield beats 100% of readings.
| Window | Latest is higher than | Average | Highest | Lowest |
|---|---|---|---|---|
| Since January 2006 | 95% of readings | 2.25% | 5.72% | -0.14% |
| Last ten years | 100% of readings | 2.02% | 4.92% | -0.14% |
| Last five years | 100% of readings | 3.50% | 4.92% | 0.59% |
- 5-year gilt yield (nominal par) 4.9%
Recent readings
Last five years
- 5-year gilt yield (nominal par) 4.9%
Latest readings
| Period | Value | Change from previous |
|---|---|---|
| 4.92% | +0.33 pp | |
| 4.59% | +0.04 pp | |
| 4.56% | +0.28 pp | |
| 4.28% | -0.03 pp | |
| 4.31% | -0.19 pp | |
| 4.49% | +0.05 pp | |
| 4.44% | +0.74 pp | |
| 3.70% | -0.26 pp | |
| 3.96% | +0.03 pp | |
| 3.93% | +0.07 pp | |
| 3.86% | +0.03 pp | |
| 3.82% | -0.21 pp | |
| 4.04% | +0.03 pp |
Annual averages
By calendar-year average, the 5-year gilt yield peaked in (5.15%) and bottomed in (0.05%). 2026 to date: 4.36%, after 3.96% in 2025.
| Year | Average | Low | High | Readings |
|---|---|---|---|---|
| 2026 (part year) | 4.36% | 3.70% | 4.92% | 9 |
| 2025 | 3.96% | 3.81% | 4.15% | 12 |
| 2024 | 3.97% | 3.64% | 4.27% | 12 |
| 2023 | 4.00% | 3.21% | 4.73% | 12 |
| 2022 | 2.35% | 1.12% | 4.27% | 12 |
| 2021 | 0.45% | 0.02% | 0.81% | 12 |
| 2020 | 0.05% | -0.14% | 0.40% | 12 |
| 2019 | 0.59% | 0.26% | 0.96% | 12 |
| 2018 | 1.00% | 0.87% | 1.14% | 12 |
| 2017 | 0.59% | 0.38% | 0.82% | 12 |
| 2016 | 0.59% | 0.22% | 0.94% | 12 |
| 2015 | 1.23% | 0.88% | 1.45% | 12 |
| 2014 | 1.69% | 1.16% | 1.94% | 12 |
| 2013 | 1.25% | 0.71% | 1.97% | 12 |
| 2012 | 0.82% | 0.55% | 1.09% | 12 |
| 2011 | 1.91% | 0.98% | 2.64% | 12 |
| 2010 | 2.30% | 1.73% | 2.93% | 12 |
| 2009 | 2.73% | 2.43% | 3.05% | 12 |
| 2008 | 4.24% | 2.68% | 5.23% | 12 |
| 2007 | 5.15% | 4.46% | 5.72% | 12 |
| 2006 | 4.64% | 4.22% | 4.99% | 12 |
Compared with Bank Rate
The 5-year gilt yield stood 1.17 pp above Bank Rate in . A shorter-term yield above the policy rate is usually read as markets expecting the policy rate to stay up or rise. A year earlier, in , the figure was 0.04 pp. Five-year range: -1.89 pp () to 2.35 pp ().
- 5-year gilt yield (nominal par) 4.9%
- Bank Rate 3.8%
How is it measured?
End-month 5-year nominal par yield from the Bank of England's British Government Securities yield curve.
Bank of England publishes the 5-year gilt yield monthly in Bank of England Database IUMSNPY, in percent. Code: IUMSNPY. Monthly basis: each month shows the value at the end of the month, not an average. Method for the 5-year gilt yield.
Questions
How high is the 5-year gilt yield in the United Kingdom now?
4.92% in (Bank of England), up 0.89 pp on a year earlier.
Is the 5-year gilt yield high by historical standards?
The 5-year gilt yield beats 95% of readings since ; its peak was 5.72% (), its low -0.14% ().
When is the 5-year gilt yield updated?
Monthly, in Bank of England Database IUMSNPY. Next reading: October 2026.
Where can I check the 5-year gilt yield at the source?
Bank of England data, code IUMSNPY.