Unreal Engine 5 is now available!

New starter projects:

Lyra Starter Game -  a sample gameplay project built alongside UE5 development to serve as an excellent starting point for creating new games, as well as a hands-on learning resource.
City Sample -  a free downloadable sample project that reveals how the city scene from The Matrix Awakens: An Unreal Engine 5 Experience was built. The project—which consists of a complete city with buildings, vehicles, and crowds of MetaHuman characters. 
 
Unreal Engine 5 key new features:

• First off, there’s Lumen—a fully dynamic global illumination solution that enables you to create believable scenes where indirect lighting adapts on the fly to changes to direct lighting or geometry - for example, changing the sun’s angle with the time of day, turning on a flashlight, or opening an exterior door. With Lumen, you no longer have to author lightmap UVs, wait for lightmaps to bake, or place reflection captures; you can simply create and edit lights inside the Unreal Editor and see the same final lighting your players will see when the game or experience is run on the target platform.
• UE5’s new virtualized micropolygon geometry system, Nanite, gives you the ability to create games and experiences with massive amounts of geometric detail. Directly import film-quality source art comprised of millions of polygons - anything from ZBrush sculpts to photogrammetry scans - and place them millions of times, all while maintaining a real-time frame rate, and without any noticeable loss of fidelity.
• Specifically designed to work well with Lumen and Nanite, Virtual Shadow Maps (VSMs) provide plausible soft shadows with reasonable, controllable performance costs. Nanite and VSMs intelligently stream and process only the detail you can perceive, largely removing poly count and draw call constraints, and eliminating time-consuming work like baking details to normal maps and manually authoring LODs - freeing you up to concentrate on creativity. 
• New Open World toolset. With Unreal Engine 5, a new World Partition system changes how levels are managed and streamed, automatically dividing the world into a grid and streaming the necessary cells. Team members can now also simultaneously work on the same region of the same World without treading on each other’s toes, thanks to a new One File Per Actor (OFPA) system, while with Data Layers, you can create different variations of the same world - such as daytime and nighttime versions, or intact and broken geometry - as layers that exist in the same space.
• In-editor modeling, UV editing, and baking. UE5 sees a significantly expanded and enhanced toolset for mesh modeling, UV editing, and baking; they combine to form a powerful workflow that enables artists to develop and refine assets right in the Unreal Editor. These tools are particularly useful when working with dense meshes, such as those generated using photogrammetry tools like RealityCapture or by kitbashing Quixel Megascans. There’s a massive array of new and enhanced tools for mesh creation and editing, representing a fundamental leap forward. These updates - which also include multiple enhancements to core modeling, sculpting, and remeshing and simplification - are supported by architectural advancements that create the framework for future tools. 
• Equally importantly,  there are significantly updated and expanded the suite of UV editing tools. A new UV Editor panel offers support for laying out, selecting, transforming, and cutting and sewing UVs in 2D space; viewing, copying, adding, and removing UV channels; automatic unwrapping; and previewing in 3D with a checker or custom texture. There are also improvements to Project UV and Auto UV.
• Enhanced editor UI and workflow
• Quixel Bridge now fully integrated, you have direct drag-and-drop access to the entire Megascans library, with no separate download steps.

More information on Unreal Engine 5 page