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Stock market crash: 2 cheap UK shares I’d buy in a Stocks and Shares ISA today

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The recent stock market crash means that there are a number of cheap UK shares available to buy today.

Although their financial prospects may be somewhat uncertain in the near term, their low valuations suggest that investors have largely priced in a tough economic environment. Therefore, they could be worth buying today in a Stocks and Shares ISA and holding for the long run.

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With that in mind, here are two FTSE 100 shares that appear to offer wide margins of safety. They could deliver sound share price recoveries after the market’s recent decline.

Passive income opportunity among cheap UK shares

Vodafone’s (LSE: VOD) recent stock price decline means that it appears to offer good value for money compared to other cheap UK shares. The telecoms company now has a dividend yield of 8% after its 30% stock price decline since the start of the year.

Despite weak investor sentiment, the business appears to have a sound outlook. Its recent updates have shown that it is making progress in areas such as digital opportunities, investing in its infrastructure and in simplifying its business model to improve efficiencies.

Clearly, cheap UK shares such as Vodafone could become even more undervalued in the coming months. However, with a solid track record of dividend payouts and a wide margin of safety, now may be the right time to buy a slice of the business for the long term.

An undervalued property stock

British Land (LSE: BLND) is another FTSE 100 company that appears to offer investment appeal relative to other cheap UK shares. The commercial property business now trades at a 60% discount to its net asset value. This suggests that investors are pricing in a very challenging period for the business, which could provide scope for a share price recovery.

Certainly, the company faces significant risks. For example, demand for retail units is likely to fall as e-commerce sales rise. And, with a trend towards working from home, office space may be required to a lesser extent. However, the company’s sound financial position and diverse portfolio could mean that it is able to adapt to changing demands across the commercial property sector.

Therefore, now could be the right time to buy a slice of the business while it has a relatively low valuation even compared to other cheap UK shares.

Buying companies in a Stocks and Shares ISA

Purchasing cheap UK shares such as Vodafone and British Land through a Stocks and Shares ISA could be a sound move. It offers tax efficiency and greater flexibility than other products such as a SIPP, with ISA withdrawals being tax-free and available at any time.

Certainly, the outlook for the stock market is opaque. But through buying undervalued shares you could enjoy improving long-term financial prospects.

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Peter Stephens owns shares of British Land Co and Vodafone. The Motley Fool UK has recommended British Land Co. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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