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MARTIN Lewis’ MoneySavingExpert.com has issued a warning for households to “stock up now” on a household essential.
The consumer website said in a recent article it’s worth buying first-class stamps before they go up in price from October 7.
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Royal Mail has confirmed they will rise for standard letters by 30p from £1.35 to £1.65 – the second hike in a year and a 22% increase.
First-class stamps for large letters will go up from £2.10 to £2.60 – a 24% rise.
However, you can beat the hike somewhat by stocking up on stamps now so you don’t need to buy new ones for a while.
Martin Lewis previously said: “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.
Read more on Martin Lewis
“So you may as well stock up now, even if it’s just for Christmas cards for the next few Christmases.”
Royal Mail said last week it had tried to keep any price hikes on stamps as low as possible as letter volumes decline and as it tackles inflationary pressures.
It also cited the costs associated with maintaining the Universal Service Obligation (USO) under which deliveries have to be made six days a week.
But, in the same week, Ofcom said Royal Mail could be allowed to drop Saturday deliveries for second class letters under an overhaul of the service.
Under plans being considered, second class deliveries would not be made on Saturdays and would only be on alternate weekdays, but delivery times would remain unchanged at up to three working days.
Ofcom said no decision had been made and it continues to review the changes, with aims to publish a consultation in early 2025 and make a decision in the summer of next year.
Royal Mail has urged the Government and Ofcom to review its obligations, arguing that it is no longer workable or cost-effective, given the decline in number of letter volumes being posted.
The delivery giant has previously said volumes have fallen from 20billion in 2004/5 to around 6.7billion in 2023/4, with the average household now receiving four letters a week compared to 14 a decade ago.
What is rising?
Royal Mail previously raised the price of first class stamps from £1.10 to £1.25 last October, before hiking them again in April.
Right now, a first class stamp costs £1.35, which covers the delivery of letters up to 100g.
Historically, the cost of stamps has steadily increased over the years, reflecting inflation and operational costs. For example, in 2000, a First Class stamp was priced at 41p.
A second class stamp is currently priced at 85p and also covers letters up to 100g. The cost of second-class stamps isn’t rising from October 7.
The stamps can be bought individually if you buy it at a Post Office counter.
Otherwise, you can typically buy them in sets of multiple stamps.
The first class service typically delivers your post the next working day, including Saturdays, while the second class service usually delivers within 2-3 working days, also including Saturdays.
For larger letters, the cost of a first class stamp is £2.10 for items up to 100g, and a second class stamp for the same weight is £1.55.
Parcel delivery prices vary based on size and weight, starting from £3.69 for small parcels.
Additional services include the “signed for” option, which requires a signature upon delivery and adds an extra level of security.
The cost for first class signed for is £3.05, and for second class Signed for, it is £2.55.
The “special delivery” service guarantees next-day delivery by 1pm with compensation cover, with prices starting from £7.95.
Royal Mail periodically reviews and adjusts stamp prices, so it is advisable to check the latest rates on their official website or at your local Post Office.
In other Royal Mail news, it ousted old-style stamps and replaced them with barcoded ones last July.
The business said the move would make letters more secure.
Anyone with these old-style stamps can swap them out for new barcoded ones.
More information on how can be found via the Royal Mail website.
How are postage prices decided?
Royal Mail typically increases the price of stamps annually and this year the price rose in April.
Normally, it gives customers advance warning of around a month before pushing up prices.
This year the hike was announced in March.
Royal Mail said it is hiking the price of postage due to the decline in the number of people sending letters.
It blamed rising inflation for the increase too.
It also cited the costs associated with maintaining the so-called Universal Service Obligation (USO) under which deliveries have to be made six days a week.
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