Holidaymakers heading abroad this summer are in luck as prices are down by as much as £750 when compared to last year, new data has revealed.
Offering a ray of hope to those watching worriedly as the pound has slid, the average cost of a family holiday has dropped by £76, with six out of ten popular holiday hotspots seeing a reduction in price over the last year, according to research by M&S Bank.
Sunny Beach in Bulgaria remains the cheapest location for families, staying at the top of the table for the fourth year running.
The Algarve in Portugal was named as the location offering the biggest overall saving this year
A week long holiday for a family of four on the Black Sea coast will cost just £2,596, equivalent to £649 per person this summer, down 17 per cent from last year.
M&S Bank analysed holiday costs for a family of four for one week, including seven nights accommodation, flights, dinner, spending money and one activity in 10 of the most popular holiday destinations.
All flights and accommodation were booked from Saturday 27th July to Saturday 3rd August 2019 and compared to prices for the same dates for a year prior.
The decline in cost comes despite the pound's slide against major currencies as fears of a no-deal Brexit grow. Sterling has dropped from almost €1.18 at the end of April to €1.11 today, having climbed slightly from recent lows earlier this week.
However, the pound is only slightly lower than its level against the euro at this time last year, when it stood at just over €1.12.
Against the US dollar the pound stands at $1.25 - down from $1.31 this time last year.
All flights represent the cheapest direct flight cost (wherever possible) from Skyscanner, departing from any London airport. Accommodation costs are based on the most affordable three-star option for a family room from Expedia.
Meal costs are sourced from Numbeo for the nearest available city and represent basic dinner out in the neighbourhood.
The research found that the Algarve in Portugal is offering the biggest overall saving this year, making it the second best value destination.
A week's holiday will cost on average £2,980 for a family of four, or £745 per person – down 20 per cent from 2018.