Martin Lewis issues warning to stock up on key item before prices increase in days | Personal Finance | Finance

Martin Lewis has urged Britons to stock up their stamps before prices increase in just a few days’ time.

Royal Mail has said the price of a standard first class stamp will increase from £1.10 to £1.25 while first class stamps for large letters are increasing from £1.60 to £1.95.

The price of a second class stamp for large letters is also going up from £1.15 to £1.55, which is the second time the price of second class stamps have gone up this year. The prices are going up on October 2.

Martin Lewis said in an article on the MoneySavingExpert.com website: “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.

“This has been an effective tactic, as a first-class letter stamp is now £1.10, soon to be rising to £1.25 – in 2012 it was just 60p.

“So you may as well stock up now, even if it’s just for Christmas cards for the next few Christmases.”

The cost of standard second class stamps will remain at 75p while prices will increase for Royal Mail’s ‘Signed For’ and ‘Special Delivery Guarantee’ services.

Nick Landon, chief commercial officer at Royal Mail, said: “We understand the economic challenges that many of our customers are currently facing and have considered the price changes very carefully in light of the significant decline in letter volumes.

“Letter volumes have reduced dramatically over recent years, down more than 60 percent from their peak in 2004/5 and 30 percent since the pandemic. It is vital that the Universal Service adapts to reflect this new reality.”

Royal Mail recently replaced traditional stamps with news ones that feature barcodes to enable the sender to scan the parcel.

Those receiving mail sent using non-barcoded stamps will be given a ‘Fee to Pay’ card telling them they must pay a £1.10 surcharge.

People can still use the old ‘special stamps’ issued to mark anniversaries and events, as well as the Christmas stamps.

Old stamps can be exchanged through the Royal Mail ‘Swap Out’ scheme. A person will need to download a form available from the Royal Mail website.

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