British travellers are set to benefit from cheaper European holidays this year as the value of the pound (GBP) strengthens over European currencies.
Both Euro and non-Euro currencies have been weakened over the past year, putting the British currency at a distinct advantage. This means that trips abroad are now more affordable, with the Latvian capital Riga offering the best value for money.
According to a survey by Post Office Travel Money, an average holiday to Riga costs just £121.47, whilst Budapest falls into second position with an average price tag of £129.72.
Of the 23 city destinations which were compared across Europe and the USA, Stockholm was found to be the most expensive, costing just shy of £300.
Other costs, such as those associated with dining and accommodation, were taken into account during the survey, with Budapest named as the cheapest city for eating out.
Commenting on these findings, Andrew Brown, the Head of Post Office Travel Money, explained that Brits were getting better value for money as “local prices [in Budapest] are level with those a year ago” but a stronger currency exchange meant Brits were getting more for their money.
These findings could make Europe a more popular destination for Brits this summer, especially as numerous residents look to foreign shores to escape high-profile celebrations such as the 2012 Olympic Games and the Queen’s Diamond Jubilee.
According to a recent survey, one in ten Brits is planning to take advantage of the long Bank Holiday weekend generated by the Diamond Jubilee by taking their own trip away. Whilst some of these individuals will look for a holidays on home soil, a large number are expected to take advantage of the last minute deals available on holidays abroad.
Youngsters were found to be those most eager to escape the hustle and bustle of the capital, with 12% of those aged between 18 and 24 years planning a holiday during the celebrations.
The strong exchange rates currently available on European currencies could, therefore, act as a catalyst for this movement, encouraging Brits to partake of holidays abroad through financial incentives.
This would allow holidaymakers to make the most of their time away from work without negatively impairing their finances – something which is key given the current economic crisis which is still afflicting British households.
Those looking to save even more money on their trip could use a prepaid travel card for their spending money. These are often cheaper to use abroad than credit or debit cards and also benefit from strong exchange rates.