The pound has risen three per cent against the euro in the last 12 months. This, coupled with relatively low inflation, has kept prices down, according to M&S Bank.

In general, the cost of a half-term holiday has risen by an average of just 0.4 per cent since last May, far lower than the UK’s 1.6 per cent inflation rate.

The top four most affordable holiday destinations for a family of four are all in Europe, the study revealed.

Majorca offers the best value for money, with a week long holiday to the Spanish isle costing just £486 per person, followed by Amsterdam, Algarve and Brittany.

Outside Europe, Dubai is the most affordable destination this half term. A trip there will cost £610 per person – down 1.2 per cent this year – and almost £300 cheaper than the next most affordable non-European destination.

Phuket in Thailand is the second-most expensive holiday destination at £712.76 per person, but represents the biggest savings year-on-year. The cost of a holiday there has fallen 2.8 per cent since last year, a cash value of £83. 39.

At £1,045.95 per person, the most expensive holiday is Florida with higher flight and activity prices responsible for the high overall cost of the trip.

Paul Stokes, head of travel money at M&S, said: “European destinations in particular offer good value for money as the pound has continued to improve its position against the euro over the past year, so families won’t need to travel too far afield to get a good deal this half-term.”