Yields of 6.6% and 9.7%! 2 cheap FTSE 250 dividend shares I’m going to buy today

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The FTSE 250 is packed with current, high-quality inexpensive stock. Here are two with low income multiples and big dividend yields that make them top buys for value investors.

Springfield Property

The combination of rising interest rates and weak economic conditions continue to threaten homebuyer demand. In theory, the dangers are heightened following news this week that core inflation remains high. Expect more Bank of England rate hikes in the months ahead.

However, many recent updates from the housing market suggest that conditions are actually stabilizing. Property listing business Rightmove just said that the average home value rose 1.8% month-over-month in May. This is 0.8% higher than the rate of growth normally recorded so far this year.

This comes amid a series of encouraging trade statements from the home builders themselves. In its latest market release, Springfield Properties (LSE:SPR), for example, said it was “driven by the level of reservations experienced across [our] private housing business” during the first two months of the year.

I’m considering adding this particular FTSE 250 builder to my portfolio today. A forward-low price-to-earnings (P/E) ratio of 6.2 leaves room for a large increase in the share price if the market continues to recover. As a value investor, I’m also intrigued by the massive 6.6% dividend yield.

I think the business will generate strong revenue in the long term as the weak home building rates remain. This means the catastrophic housing shortage that has driven property prices soaring in recent decades is here to stay.

New data from the Federation of Home Builders shows the number of planning permits fell below 3,000 between October and December. It was the weakest number since records began in 2006. And the agency estimates that it “will fall further” due to planning restrictions.

Tritax Eurobox

Buying European property stocks would also be a great addition to my portfolio. This will add geographic diversification to my portfolio and reduce my dependence on a strong UK economy.

Warehouse and logistics center owner Tritax Eurobox (LSE:EBOX) is a piece of my radar. And at the current price it also looks very attractive. This business trades with a forward P/E ratio of just 10.3 times. It also carries a traffic-stopping 9.7% dividend yield.

The business has a growing portfolio of assets in the Continental European region including Germany, Poland and Belgium. As businesses invest heavily in automation and e-commerce grows, demand for these properties is also expected to outstrip supply growth, driving rental prices further.

I am aware that revenue growth here may be compromised in the near term by difficult economic conditions. Today’s data shows Germany has been caught up in an inflationary shock, a bad sign for the core Tritax market and the region.

But I am heartened by the strength of the trading here despite the ongoing difficult conditions. The latest financials show similar rents rising 5.8% over the six months to March.

I think Springfield Properties, like Eurobox’s Tritax, should provide very good returns over the next decade.