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I’d spend £5k on these 2 cheap UK shares to get rich and retire early

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UK share markets have rallied in recent weeks on encouraging Covid-19 vaccine news. The FTSE 100 and FTSE 250 are both trading at their highest since early March and more gains could be around the corner.

My advice for long-term investors would be to ‘fill your boots’. It doesn’t matter to me whether or not UK shares continue to rise in the days and weeks ahead. The stock market crash of early 2020 still leaves plenty of quality stocks looking too cheap to miss. I expect them to soar in value as the global economy rebounds over the next decade.

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2 cheap UK shares on my radar

I’ve loaded up with some choice bargains in my Stocks and Shares ISA in recent months. And I’ve got my eye on plenty more cut-price corkers too. I reckon these cheap UK shares could help me make a fortune during the next bull market:

#1: Hollywood Bowl

Leisure stocks like Hollywood Bowl (LSE: BOWL) have taken a pasting in 2020 as Covid-19 lockdowns came in. But make no mistake, the long-term earnings outlook for this UK share remains quite robust. It’s why City analysts reckon annual profits will rocket 486% in the fiscal year to September 2021.

Ten-pin bowling has enjoyed a resurgence in the past few years. Indeed, the experts at Mintel reckon the market grew by more than a quarter between 2014 and 2019 to be worth a whopping £320m. It should move back into strong growth in 2021 as the fight against Covid-19 kicks in.

Image of person checking their shares portfolio on mobile phone and computer

And Hollywood Bowl — which operates around a quarter of all the UK’s bowling lanes and is aggressively expanding — is in great shape to ride this theme. The leisure giant trades on a forward price-to-earnings growth (PEG) ratio of 0.1 today. This makes it a terrific pick for value investors.

#2: Taylor Wimpey

Housebuilder Taylor Wimpey (LSE: TW) is another UK share which City brokers expect to enjoy a stunning profits recovery next year. Current forecasts suggest the bottom line will rebound 138% in 2021. And this also leaves the company trading on a forward-looking PEG ratio of 0.1.

Pessimists claimed that Brexit uncertainty would sink homes demand in the UK. It didn’t happen. The biggest economic slump since the 1700s following the Covid-19 outbreak hasn’t either. In fact, house prices continue to soar at an electrifying rate. Put simply, there just aren’t enough homes to go around due to poor build rates in recent decades. And this is driving house prices through the roof (so to speak).

The likes of Taylor Wimpey can expect sales of its new builds to keep ripping higher too. Huge government support for first-time buyers isn’t going away any time soon. And rock-bottom Bank of England interest rates mean mortgage products should remain extremely affordable as well. I own this particular share in my ISA already. And I’m thinking of buying more following its share price drop in 2020.

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Royston Wild owns shares of Taylor Wimpey. The Motley Fool UK has recommended Hollywood Bowl. 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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