The FTSE 100 is now within striking distance of new record highs of 11,000 points. The UK’s premier share index is up a staggering 21% during the last 12 months. A surge to new peaks appears a matter of time.

However, not all of the index’s brilliant blue-chips have joined in the recent rally.Persimmon (LSE:PSN) and JD Sports Fashion (LSE:JD.) have actually seen their share prices drop in recent sessions, meaning they continue to offer great value for money.

Want to know why they’re great bargains to consider? Let’s take a look.

Persimmon

The UK housing market is steadily recovering as the Bank of England cuts interest rates. But concerns remain over the market’s uptick as the economy struggles for growth and unemployment increases.

This explains why on paper Persimmon’s shares are still so cheap. At £14.69 per share, the housebuilder’s price-to-book (P/B) ratio is 1.2, still some way below the 10-year average of 1.9.

Demand for new homes can slump when times get tough. But I believe the current valuation more than factors in that risk. News from the housing market remains highly encouraging — Nationwide said on Monday (2 March) that average house prices rose 0.3% month-on-month in February, and were up 1% year on year.

The building society also predicted “housing market activity is likely to recover in the coming quarters, especially if the improving affordability trend seen last year is maintained as expected.” The intensifying mortgage product war being fought out among Britain’s lenders is giving home sales a massive extra boost.

Persimmon is making great progress in this improving landscape. Completions leapt 12% last year, ahead of forecast, while asking prices increased 4%. The builder’s order book also crept 2% higher to £1.2bn, providing good earnings visibility.

It’s not without risk, but at current prices I think the company’s worth serious consideration.

JD Sports Fashion

JD Sports is another FTSE 100 share offering once-in-a-decade value today.

At 77p per share its P/B ratio is 1.4, a long distance below the long-term average of 4.2. But that’s not all — its forward price-to-earnings (P/E) ratio has tumbled to 7.3, which is half the 10-year average of 15-16.

JD’s suffered from prolonged sales issues as consumer spending power has crumbled. Latest financials showed like-for-like revenues down 1.8% over the last quarter. Further weakness is possible given the uncertain economic outlook.

But given the current valuation, I think JD shares could be a steal worth thinking about at current prices. Evolving fashion tastes and lifestyle changes mean the growth potential for its athleisure market remain significant longer term. And the business has enormous scope to exploit this through further organic expansion and targeted acquisitions.

It’s also worth noting that sales growth has returned in the US, the firm’s single largest market. It’s not a dead cert by any means, but if this continues, JD’s share price could rebound sooner rather than later.