Recent research conducted by On the Beach has revealed that 77% of holidays are cheaper this summer than in 2012.
The research compared like for like, seven-night holidays for two adults during June across a number of popular sun destinations, comparing average prices from 2013 with those from 2012, and the results showed significant savings for holidaymakers this year.
Despite the 2.7% rise in inflation and ever increasing fuel prices, many holidays are up to 25% cheaper this year, with the garden island of Madeira offering the best value this summer.
Last year, a one-week three-star holiday on a bed-and-breakfast basis for two cost £799, whilst this year the same holiday costs £599; saving £200.
Cyprus also shows a drop in prices with holidaymakers saving up to 20% on last year, with Bulgaria also proving better value, offering holidays up to 15% cheaper than last summer.
The Canary Island of Tenerife is also showing a significant drop in holiday prices with many hotels offering all-inclusive holidays up to 14% cheaper than last year.
Other sun spots offering cheaper holiday prices this year include Egypt's resort of Sharm el Sheikh, down 13% on last year, and Greece which is 12% cheaper.