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Summer holiday goers are paying a premium

Posted by Greg Throughton

Families with Morco caravan water heaters may be shelling out a small fortune if they go on holiday during the school summer break.

According to new statistics from Santander, people who travel abroad during the six-week holiday will pay a premium of up to 92 per cent compared to those who travel in term time.

The organisation looked at popular holiday destinations in America and Europe and found that breaks between August 22nd and 29th were 43 per cent more expensive than the same trip just two to three weeks later in term time.

"High demand means overseas holidays will inevitably be subject to some price inflation during peak season. However, at a time when many families are suffering financially from the rising cost of living, it is difficult to justify some of these premiums," said Andy Smith at Santander.

However, he said that if people are flexible about when they travel and take advantage of last minute deals, there are still some summer holiday bargains to be had.

New research by M&S Money also found that 40 per cent of Brits fail to budget for a holiday.