I’m looking for the best FTSE 100 and FTSE 250 stocks to buy if I have spare cash to invest this month. Here are two that have caught my attention.

Springfield Properties

Now could be a good time to buy housebuilding shares as homebuying activity accelerates. Latest Bank of England (BoE) data showed there were a 62,000 mortgage approvals in July, beating market expectations and up from 60,600 the previous month.

This reflects improving homebuyer confidence and a favourable drop in mortgage costs. With the BoE tipped to cut its lending rate in the coming months, things could get even better, leading to additional share price gains as trading improves.

Springfield Properties (LSE:SPR) is a stock whose earnings are tipped to soar by City brokers. A 41% bottom-line rise is forecast for the 12 months to May 2025.

As a consequence, the Scottish builder trades on a rock-bottom price-to-earnings growth (PEG) ratio of 0.5. This is despite its share price rising 22% since the start of 2024.

Any reading below 1 implies that a stock is undervalued.

Debt has been a big problem for Springfield more recently as the housing market cooled. It remains something investors need to be mindful of, but so far the firm’s made a good fist of getting it down thanks to land bank sales and effective cost control.

Net debt was £40m as of May, much better than the £55m the FTSE 250 firm had targeted last September.

I particularly like Springfield because of its large exposure to the high-demand affordable homes segment. This has been a problem more recently, with higher costs causing the builder to pause new contracts. But this growth sector still provides excellent long-term growth opportunities.

Reckitt

If I had cash to spare, I’d also consider snapping up Reckitt (LSE:RKT) shares for my portfolio. The FTSE 100 company currently boasts an attractive blend of low earnings multiples and sky-high dividend yields.

For 2024, the household goods giant trades on a price-to-earnings (P/E) ratio of 13.7 times. This is a long way below its five-year average around 21 times.

Its dividend yield, meanwhile, stands at 4.6%. This is a full percentage point above the Footsie’s forward average. And as you can see, the yield rises through to 2026 amid City hopes of steady dividend increases.

As you’ll have noticed, Reckitt’s share price has plunged in 2024. The drop has been driven by growing concerns over potential litigation related to its baby formula division, and the possible impact this could have on its sale. The company is being sued following the tragic death of infants who consumed its Enfamil baby formula.

However, I believe this threat is more than baked into the company’s historically-low valuation. So now could be a good time for be to snap up some shares.

I like the excellent pricing power that Reckitt’s heavyweight brands (like Nurofen painkillers and Durex condoms) enjoy. I’m also excited by its huge exposure to fast-growing emerging markets.

I’ll do some more research on its upcoming court cases before buying. But this is a Footsie share worth serious consideration in my book.