Best Gilts to Buy Right Now: A Yield Roundup Across Short, Medium and Long Maturities

With gilt yields sitting at levels not seen for much of the past decade, many UK investors are revisiting government bonds for income and capital preservation. This roundup walks through some of the best gilts to buy by yield across short, medium and long maturities, using live data as of 31 May 2026. The aim is to show what is on offer and who each maturity bucket may suit — not to tell you what to buy.

Before diving in, a quick reminder on two yield measures you will see throughout:

Running yield — the annual coupon divided by the current clean price. It reflects income only.
Yield to maturity (YTM) — the total annualised return if you hold to redemption, combining coupon income and any capital gain or loss versus today's price.

For a buy-and-hold investor, YTM is usually the more meaningful number.

Short-dated gilts (under 5 years)

Short maturities suit investors who want to lock in a known return over a defined, near-term horizon, with limited sensitivity to interest rate moves.

Among shorter conventional gilts, UK Treasury 1.25% 2027 stands out on a redemption basis, priced at 96.88 with a YTM of 4.48% over roughly 1.14 years. Its low coupon means most of the return comes from the pull to par rather than income.

UK Treasury 0.125% 2028 offers a YTM of 4.43% at a price of 93.82, again with the return weighted towards capital gain rather than its tiny 0.13% running yield.
UK Treasury 0.5% 2029 carries a YTM of 4.37% at 90.92, over about 2.67 years.
For those who prefer higher income now, UK Treasury 6% 2028 offers a running yield of 5.74% (price 104.48), though its YTM of 4.1% is lower because it trades above par.
UK Treasury 4.75% 2030 blends both, with a 4.65% running yield and a 4.24% YTM over around 4.52 years.

A notable feature of low-coupon gilts trading at a discount: the capital gain element of a gilt is exempt from UK capital gains tax, which can make them attractive for higher-rate taxpayers holding outside a tax wrapper. The coupon, however, remains taxable as income.

Medium-dated gilts (5 to 15 years)

The medium part of the curve suits investors comfortable with more price movement in exchange for locking in current yields for longer.

Here, yields step up noticeably:

UK Treasury 0.875% 2033 offers a YTM of 4.66% at a deeply discounted price of 77.61, with a running yield of just 1.13% — very much a capital-gain-led holding.
UK Treasury 0.625% 2035 has the highest YTM in this bucket at 4.83%, priced at 69.62 over about 9.17 years.
UK Treasury 4.875% 2036 trades close to par at 99.93 with both running yield and YTM at 4.88%, making it a straightforward income holding.
UK Treasury 4.75% 2035 offers a 4.77% running yield and 4.81% YTM.
Stretching towards the longer end of this band, UK Treasury 5.250% 2041 yields 5.21% to maturity at 100.36, with a 5.23% running yield over roughly 14.68 years.

Medium maturities can work well for investors building a ladder or matching a future liability around 7 to 15 years out.

Long-dated gilts (15 years and beyond)

Long gilts carry the highest yields here, but also the greatest sensitivity to interest rate changes. A small move in market yields can produce a large swing in price, so these suit investors with a long horizon and tolerance for volatility.

UK Treasury 4.375% 2054 offers a YTM of 5.54% — among the highest on the conventional curve — at a price of 83.55 over about 28 years, with a 5.24% running yield.
UK Treasury 3.75% 2053 yields 5.53% to maturity at 74.97 (5% running yield).
UK Treasury 5.375% 2056 trades near par at 97.98 with a 5.49% running yield and 5.51% YTM.
UK Treasury 4.25% 2049 offers a 5.48% YTM and 5.07% running yield at 83.85.
At the very long end, UK Treasury 3.5% 2068 yields 5.41% to maturity (5.11% running yield) over more than 42 years.

Low-coupon long bonds such as UK Treasury 1.5% 2047 (price 50.53, YTM 5.5%) or UK Treasury 2.5% 2065 (price 52.82, YTM 5.42%) again offer most of their return as a tax-free capital gain, which some higher-rate taxpayers may find efficient.

Which maturity suits you?

Short-dated gilts suit those parking cash for a defined period or seeking near-certainty of outcome.
Medium-dated gilts suit ladder-builders and those matching liabilities a decade or so away.
Long-dated gilts suit long-horizon investors comfortable with significant price swings in pursuit of higher locked-in yields.

Whatever you choose, remember that the headline YTM is only achieved if you hold to maturity. Sell early, and your return depends entirely on the prevailing price.

Conclusion

Today's gilt market offers redemption yields above 4% across nearly every maturity, with the longest bonds reaching into the mid-5% range. The "best" gilt is not simply the highest-yielding one — it is the one whose maturity, coupon structure and tax treatment match your own goals and risk tolerance.

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Risk disclaimer: This article is for general information only and is not personal financial advice. Bond prices fall as well as rise, and selling before maturity may result in a loss. Yields and prices change constantly and the figures here are a snapshot as of 31 May 2026. Past performance is not a guide to future returns. Consider your own circumstances and seek regulated financial advice if you are unsure.

Important disclaimer

This article is for information only and is not financial advice. Gilt prices and yields move daily and your capital is at risk. Always do your own research or speak to a regulated financial adviser before investing.