Image source: Getty Images The FTSE 100 has surged at the beginning of 2023. But despite heady gains across the index there are still many British blue chips that offer exceptional value on paper. The following two UK shares offer dividend yields above the Footsie average of 3.7%. They also trade on rock-bottom earnings multiples. So should I add them to my investment portfolio today? Taylor Wimpey I already own shares in Taylor Wimpey (LSE:TW). And at current prices I’m tempted to add some more to my investment portfolio. At 114.7p per share the housebuilder trades on a forward price-to-earnings (P/E) ratio of 10.4 times. It also carries a corresponding 7.6% dividend yield. I believe the business will deliver solid long-term returns as Britain builds itself out of its housing crisis. The government believes the UK needs at least 300,000 new homes each year to meet growing demand. However, a gloomy near-term outlook means I’m happy to buy other dividend shares to boost my income in 2023. Last week Taylor Wimpey said, “we enter 2023 with a lower private order book than in recent years”. It also said, “we expect overall volumes to reduce” this year as buyer appetite dips. A sharp housing market slowdown is still highly possible as interest rates rise and the economy shrinks. And as a consequence, dividends here could come in lower than forecast. I’ll be looking for clues that demand for homes is beginning to turn before buying more of this highly cyclical share. Vodafone Group I think Vodafone Group (LSE:VOD) could be in better shape to pay giant dividends in 2023. Telecoms demand remains relatively unchanged across all points of the economic cycle. So this FTSE 100 firm should generate the profits needed to fund large shareholder payouts. Vodafone is also a formidable cash generator. It is selling assets as well to give its balance sheet an extra boost. In November the firm agreed to sell a €3.2bn stake in its towers business, in a deal slated for completion in the first half of 2023. And last week it announced the sale of its Hungarian operations for €1.7bn. So even if earnings disappoint the firm should have the capital to dole out market-beating dividends. City analysts agree, and for the financial years to March 2023 and 2024 Vodafone carries a market-beating 9% dividend yield. The company also provides decent value when it comes to anticipated earnings. At 91.7p per share it trades on a price-to-earnings growth (PEG) ratio of 0.8, below the bargain benchmark of one. I’m expecting the company’s aggressive drive into 5G to deliver exceptional profits. I also believe its exposure to fast-growing African economies might pay off handsomely. Investors need to remember that intense competition in its European marketplace could also impact earnings. But I’m seriously considering adding Vodafone shares to my portfolio today.
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