2 dirt cheap dividend shares on my investing radar!

I’m looking for the cheapest UK dividend stocks to buy today. These two are on my watch list.

Hochschild Mining

Having exposure to precious metals can be a great wealth preserver. The price of this safe commodity tends to rise when the economy is down. This can help balance an investor’s entire portfolio.

But I am not interested in buying physical metal. I’m also not attracted to the idea of ​​buying financial instruments like exchange-traded funds (ETFs) that track commodity prices. None of these investments provide income.

I prefer to buy shares in it Hochschild Mining (LSE:HOC). This way I can expect to get dividends above capitalizing on the rise in metal prices. The dividend yield in 2023 is 3.1%.

I think now is the best time to buy gold and silver products. The price of the metal produced throughout America has recently increased. Gold has returned above $2,000 an ounce while silver has breached the important barrier of $25.

With the technical level down, even greater gains are possible. Falling bond yields, rising expectations of the Federal Reserve cutting rates, and lingering worries about the global banking system could all push demand for flight-to-safety precious metals.

Today Hochschild Mining shares trade at a forward rock-bottom price-to-earnings (P/E) ratio of 11.7 times. I show it is highly attractive despite the constant threat of production problems that can dent earnings.

Vistry Group

I’m also looking at upping the light to Britain’s registered homebuilders. At current prices some of these shares offer eye-popping value for money.

Take the FTSE 250-quoted Vistry Group (LSE: VTY). The construction giant trades at a forward P/E ratio of 9 times. And it carries a corresponding dividend yield of 6.5%, higher than the average index of 3.3%.

The housing market is facing its biggest challenge since the 2007-08 financial crisis. Rising mortgage costs and a weak economic landscape have caused home prices to cool sharply from their stratospheric gains of the last decade.

However, the complete market meltdown that many had predicted has yet to emerge. In fact, the latest industry data shows that the housing market remains resilient.

Halifax announced on Friday that average property prices rose by 0.8% in March, as a result of which the building society suggested “relative stability in the housing market.”

The data comes after several updates from housebuilders that showed a temporary recovery in demand for new builds. Vistry himself recently said that “we have seen an increasing trend in personal sales in the first 11 weeks of the year.”

That said, I am not convinced to buy Vistry shares. As I said, I already own shares in the home builder. And the outlook is far from encouraging now.

Halifax also noted last week that annual price growth fell to 1.6% in March from 2.1% the previous month. This is the weakest growth rate since autumn 2019.

I will continue to monitor the property market. And if the data shows a slump is unlikely I will buy Vistry shares to increase my passive income.