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As the cost-of-living crisis continues to tighten its grip on household budgets, Royal Mail has delivered another blow with a significant increase in the price of standard first class stamps. However, money guru Martin Lewis has a clever tip to help Brits avoid the hike.
The price of standard first class stamps will surge by an inflation-busting 22% to £1.65 from Monday, October 7, as confirmed by Royal Mail – but there’s a method for Brits to dodge this price rise.
Martin Lewis, the founder of MoneySavingExpert.com, has recommended Brits to stock up now, even if it’s just for Christmas card stamps for the forthcoming years.
He stated: “For years, every time stamps go up in price I’ve suggested people stock up and bulk-buy in advance, as provided the stamp doesn’t have a price on it and instead just says the postage class, it’s still valid after the hike. So you may as well stock up now, even if it’s just for Christmas cards for the next few Christmases.”
The cost of many Royal Mail services, including ‘Signed For’, ‘Special Delivery Guaranteed’ and ‘Tracked’, will also rise from October 7, along with the price of sending parcels by first and second class.
“If you stock up on stamps now, be careful to avoid fakes,” Lewis’ Money Saving Expert site warned. “Buy from reputable high street retailers and, where possible, keep your receipt. Stamps can also be purchased directly from the Royal Mail online shop, though a £50 minimum spend is required for free delivery.”
Earlier this year, Royal Mail put a temporary halt to the £5 penalty for receiving letters with counterfeit stamps as it tackles the issue. However, Lewis cautioned that “you may still face charges for using fake stamps when mailing items.”
The latest price hike is on the heels of previous increases in October 2023 and April 2024. First class stamp prices saw a 14% jump in October 2023, from £1.10 to £1.25, and then climbed another 8% in April 2024, reaching the current £1.35.
Royal Mail has cited “increasing cost pressures” and its commitment to maintaining a universal service, which involves delivering letters to every UK address six days a week, as reasons for the stamp price escalations. The company also highlighted that the number of addresses it delivers to has increased by four million since the 2004/05 period.
“We always consider price increases very carefully. However, when letter volumes have declined by two-thirds since their peak, the cost of delivering each letter inevitably increases,” said Nick Landon, Chief Commercial Officer at Royal Mail.
“A complex and extensive network is needed to get every letter and parcel across the country for a single price travelling on trucks, planes, ferries and in some cases drones before it reaches its final destination on foot. We are proud to deliver the universal service, but the financial cost is significant.”
With stamp prices set to rise, Martin Lewis has a savvy tip for consumers: stock up on stamps now. The money-saving guru advised, “you may as well stock up now, even if it’s just for Christmas cards for the next few Christmases.”
