2 FTSE 250 dividend stocks yielding 4%+ that I'd buy with £1,000 today

While the rate of inflation may have fallen to 2.5% last month, the prospects for income shares remain bright. Not only could they provide a real-terms return in case Brexit talks cause inflation to spike, they may also highlight businesses that offer good value for money. Furthermore, dividend growth could also indicate where a company has optimism in its future prospects.

With that in mind, here are two FTSE 250 income shares which could be worth buying today. They both seem to offer a mix of income, value and growth potential.

Improving outlook

Reporting on Wednesday was UK home builder and urban regeneration partner Countryside Properties (LSE: CSP). The company's completions in the first half of its financial year increased by 15% to 1,655 units. This is in line with expectations, with current trading continuing to be robust. Underlying sales price growth has been 3%, with build cost inflation moderating somewhat to around 3% during the period.

The company appears to have a bright future. The acquisition of Westleigh, a partnerships home builder, for £135.4m could act as a catalyst on the company's future performance. It is expected to be earnings accretive in the current year and is expected to help boost the company's bottom line by around 23%. This is due to be followed with further growth of 17% next year, which suggests that the business is enjoying a purple patch.

With Countryside Properties forecast to yield 4% in the next financial year from a dividend which is due to be covered three times by profit, it appears to offer strong income potential. Since it trades on a price-to-earnings (P/E) ratio of 12, it seems to have a potent mix of income and value appeal which could send its share price significantly higher.

Solid growth

Also offering upbeat investment potential within the housebuilding sector is Redrow (LSE: RDW). The FTSE 250-listed company has enjoyed a stunning five-year growth rate, with its bottom line rising at a double-digit pace in each year. Further growth is expected in the next two financial years, with its earnings forecast to increase by 14% this year and by an additional 10% next year.

With a dividend yield of 4% and a payout that is covered 3.4 times by profit, the company's income prospects appear to be sound. Although the UK economy has experienced a difficult period since the EU referendum, the prospects for the housing market have remained buoyant. This could mean that the company's P/E ratio of 9 is simply too low given its prospects, with the potential for an upward re-rating being high.

Certainly, Redrow's share price decline of 4% in the last six months has been a disappointment. But with a solid growth outlook and a sound income opportunity, it could offer a strong turnaround over the medium term.

Buy-And-Hold Investing

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Peter Stephens owns shares of Redrow. The Motley Fool UK has recommended Redrow. 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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