The IAU report (CBET 2273) that Korean astronomers have detected a new object at mag 10.8 in Pegasus, near its borders with Cygnus and Vulpecula. The initial observation was on May 6 at about 18h; by the same time on May 7 it had brightened to mag 8.4. The location of the object is:
RA 21h 38m 06s.571, Decl. +26º 19′ 57″.33 (equinox 2000.0)
This is easily observable from the UK after midnight. There is a mag 14 double star at the location on the Palomar Sky Survey.
Click here for a finder chart from SkyMap. Brightest stars shown are Mu Cyg (mag 4.7) and Kappa Peg (4.1). Stars shown to mag 11.5. File of view 7º 40′ E-W.
A magnitude eight object is easy to see in small telescopes or binoculars and if it is getting brighter as quickly as mentioned, then its relative brightness to the surrounding stars should also be easy to track, producing a light curve – a graph of brightness with time.
Of course, you still need clear skies…