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Martin Lewis has urged Britons to ‘bulk buy’ stamps ahead of the April price increases.
The financial journalist is encouraging people to buy stamps now, so they can get them for the current, lower price, as they still be able to use them after prices go up.
In an article for Money Saving Expert earlier this month, Mr Lewis 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.
“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.”
First-class stamp prices will rise by eight per cent for standard size letters from Tuesday April 2, Royal Mail has confirmed.
Other stamp prices will also rise, including for second-class stamps, which will increase by a larger 13 per cent.
The rise comes after warnings by the firm over the impact of higher costs and lower demand for letter
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It is recommended to buy stamps from reputable sources such as the official Royal Mail website or Post Office counters and always get a receipt.
The rise comes after warnings by the firm over the impact of higher costs and lower demand for letters.
A year ago, a first class stamp cost 95p before being hiked to £1.10 in April 2023.
The price was increased again to £1.25 six months later.
Last year, industry regulator Ofcom said increases to the price of second-class stamps would be capped at the rate of inflation until 2029 in an effort to keep the sending of letters affordable.
Nick Landon, chief commercial officer at Royal Mail, said: “We face a situation where letter volumes have reduced dramatically over recent years, while costs have increased.
“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.”
The company said that adults typically spent less than £7 a year on stamped letters and people now received two letters a week on average.
It said the cost of stamps remained below European averages.
Royal Mail, which is owned by International Distributions Services (IDS), recorded a £419million loss in its previous financial year, while it was also fined £5.6million last year for failing to meet its delivery targets.
The company has long-argued prices had to rise due to the lack of reform of the one-price-goes-anywhere Universal Service Obligation (USO).
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This requires the company to deliver letters to all 32 million UK addresses six days a week, Monday to Saturday.
Consumer groups criticised the latest price rises.
Morgan Wild of Citizens Advice said: “Royal Mail is choosing to hike prices at a time when millions are left waiting for letters – vital medical appointments, legal documents and benefit decisions – all thanks to post delays.
“Nobody should be paying more for an unreliable service. Ofcom should be holding Royal Mail to account, but it’s letting the company get away with rocketing prices and nearly half a decade of missed delivery targets. Enough is enough, it’s time for the regulator to act.”
The increase comes just over a month after Ofcom said Royal Mail could be allowed to cut its letter deliveries to five days a week or three, as it warned the UK postal service risked becoming “unsustainable” without reform.
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