Martin Lewis’ ‘last chance’ warning to anyone buying stamps as price set to soar

Martin Lewis has served up a “last chance” alert to anyone planning to buy stamps, highlighting an imminent price hike. Currently, the cost of a first-class letter stamp sits at £1.65 but is set to climb to £1.70 – a marked increase from 2012’s modest 60p, as observed by the 52-year-old BBC and ITV personality.

The MoneySavingExpert.com founder, Martin Lewis, advised: “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 rise.”

He continued, suggesting that despite the modest saving this time around, it would be sensible to purchase now before the hike: “So while it’s not a huge saving this time, you still may as well stock up now.”

The impending change, commencing on 7 April, will see first-class stamps rise by 5p, or 3%, to £1.70, while second-class stamp prices are also rising by 2p or 2.4%, making them 87p.

Royal Mail has cited escalating costs as the reason for the price uptick. Nick Landon, the company’s chief commercial officer explained, “We always consider price changes very carefully but the cost of delivering mail continues to increase,”.

He highlighted the complexity and breadth of their operations, saying, “A complex and extensive network of trucks, planes and 85,000 posties is needed to ensure we can deliver across the country for just 87p.”

Just a decade ago, Royal Mail was handling 20 billion letters annually, but this figure has dwindled sharply to 6.7 billion, reports Birmingham Live

Projections also suggest a further decrease to 4 billion within the next four years. Concurrently, over this period, Royal Mail’s coverage has expanded to include an additional 4 million addresses, further intensifying the cost per delivery, the report warned.

In December, Royal Mail faced a hefty fine exceeding £10 million from Ofcom, the postal regulator, for failing to meet its delivery targets. The penalty came as over 25% of first-class mail did not arrive on time.

“Ofcom has recognised that reform is urgently needed to protect the one-price-goes-anywhere universal service which requires Royal Mail to deliver letters to about 32m UK addresses six days a week,” Landon remarked.

“Reform will allow continued investment in the modernisation and transformation of the business to provide a more financially sustainable service.”