Why now could be a great opportunity to buy undervalued UK shares

The FTSE 100 and FTSE 250 have kicked off 2024 in amazing fashion, rising 8.9% and 6.7% respectively. Even so, a number of UK shares still look severely undervalued, making them good value for money. I think that’s a great opportunity. And I plan to make the most of it. Today, the Footsie is trading on average of just 11 times earnings. That’s way below its long-term historical average of 15. Investing in the last few years has been difficult, to say the least. We’ve been through a pandemic, surging inflation and a high interest rate environment, which have stunted economic growth. However, with the Footsie climbing to record highs this year, I think we could slowly be coming out the other side. Retail figures for the first few months have provided markets with positive signs. Looking so cheap, I reckon UK stocks are well-positioned to keep rising in the years to come. There are threats and the journey won’t be a smooth ride. In 2024, I see the UK facing a few challenges. The largest of these is interest rates. Talk about rate cuts at the moment is just speculation. In its latest meeting, the Bank of England kept...

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