Martin Lewis Advises Bulk Buying Stamps Before Royal Mail Price Hike

Martin Lewis, the renowned founder of Money Saving Expert and host of The Money Show on ITV, has recommended that households across the UK should consider ‘bulk-buying’ stamps in preparation for an imminent price hike by the Royal Mail.

The Royal Mail recently announced an upcoming increase in stamp prices starting from April 2, giving consumers just a short four-week window to purchase stamps at the current rate of £1.25.

The cost of a first-class stamp is set to rise by 8%, while second-class stamp prices could surge by up to 13%.

Discussing these changes and offering guidance to consumers, Martin Lewis highlighted the effectiveness of stocking up on stamps before price hikes, emphasizing that stamps without a specified price remain valid even after a price increase, as long as they indicate the postage class.

According to Lewis, stocking up on stamps ahead of price hikes has proved to be a beneficial tactic, especially given that the price of a first-class stamp has escalated from 60p in 2012 to the current £1.25, which is set to further increase to £1.35.

Nick Landon, the chief commercial officer at Royal Mail, explained that the decision to adjust stamp prices was necessitated by a significant decrease in letter volumes over the years, coupled with escalating operational costs.

Landon pointed out that maintaining a vast postal network designed for 20 billion letters when the mail volume has dropped to only 7 billion is no longer sustainable, leading to increased delivery costs per letter as mail carriers now cover three times more distance to deliver the reduced volume of letters.

For the most current prices of first and second-class stamps, customers are advised to visit the Royal Mail official website, with the current rates standing at £1.25 for first-class stamps and 75p for second-class stamps.