Find all the latest news, stories, insights and tips from Paragon Bank.

Save money by timing your summer holiday right

While it’s no secret that you can save money on your summer holiday if you’re able to avoid the peak months of July and August, it’s also worth considering whether you’ll get better value by booking your dream holiday early by opting for May or waiting till the rush is over and choosing September.

We looked at three different holidays, each for two adults and two children and indexed the cost of a 7 night stay for the last full week of each month across the summer season. Here’s what we found:

Greece – package holiday

Heading for the picturesque island of Santorini, travellers would get best value booking in May or June. Compared to May, the cost of the holiday we selected climbs by only 8% in June, before rising 44% in July and 73% in August. Although the cost falls again in September, it is still 37% more expensive than in May.

Dubai – flights only

Independent travellers often prefer to book each of their holiday components separately so, with this in mind, we looked at the cost of a flight-only deal to Dubai. Again May and June score well but this time September also looks good, making the Gulf a strong contender for a break towards the end of summer.

Wales – lodge in a holiday village

For those who prefer a UK break, our research suggests a different picture. This time, we looked at a lodge in a popular holiday village in Wales. Interestingly, costs started to climb quite significantly in June, peaked in July and August but fell to their lowest level in September – even though average temperatures remained in line with those earlier in the season.

Booking soon?

So, if you’re booking your summer holiday soon, while there are no hard and fast rules about when you’ll get the best value, if you know where you want to go and you have flexibility on when to take your break, it’s definitely worth looking to see when you’re likely to get the best relative value.

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551