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Stamp prices are set to rise by by 10p from next month. The Royal Mail confirmed it will increase the price of first-class stamps to £1.25 and second-class stamps at 86p.
Just last year, a first-class stamp only cost 95p before facing an increase to £1.10 in April 2023 and then an additional 15p in October.
Previously, industry regulator Ofcom said price increases for second-class stamps would be capped at the rate of inflation until 2029 in order make sending letters more affordable.
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Nick Landon from Royal Mail said: “We always consider price changes very carefully but we face a situation where letter volumes have reduced dramatically over recent years while costs have increased.”
He added: “It is no longer sustainable to maintain a network built for 20 billion letters when we are now only delivering seven billion. As a result of letter volume decline, our posties now have to walk more than three times as far to deliver the same number of letters as before, increasing the delivery costs per letter.”
Despite this, there may still be a way to avoid the price increases with one simple trick, and all it involves is planning for the long term. MoneySavingExpert (MSE) has advised savvy-savers to stock up stamps before the increase comes into effect.
MSE’s founder, Martin Lewis, explained: “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 £1.25, soon to be rising to £1.35 – in 2012 it was just 60p. So you may as well stock up now.”
Ofcom has previously warned Royal Might that it may have to reduce its letter deliveries to five or three days a week, labelling the UK postal situation as “unsustainable”.
