More than half of people say they plan to spend their summer holidays in the UK this year, according to a new poll.
Out of the 54% choosing to stay in the UK this summer, over a quarter are doing so as they felt it would be less expensive.
But the M&S Money research shows that a week-long holiday in London, at £1,631, is more expensive than several other European destinations such as Alicante in Spain at £927. Hua Hin in Thailand was also less expensive than London at £1,422.
A London break is 25% more expensive than an average foreign beach holiday due to relatively high accommodation costs and the large amount of spending money needed.
M&S calculated that just under £600 spending money is needed for a week in London, which accounts for 37% of the entire cost of the holiday.
Head of travel money at M&S Money Jane Lawson said: "Staycations are clearly popular this year, particularly as people look forward to celebrating the Jubilee and Olympics, in what will be a British summer to remember.
“However, with the cost of activities and eating out in the UK relatively high and favourable foreign exchange rates helping to make your money go further abroad, a holiday at home is not always the most affordable option.
"As well as looking for good deals on travel and accommodation, thinking about exchange rates, local costs and the kind of extras you will need to spend your money on will help to ensure you have the best possible holiday experience."
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