A strong pound and resorts vying for custom means prices slashed by up to 20 per cent. There are huge savings on trips within Europe, especially the Czech Republic, Portugal and Greece.
It will also cost less for long-haul destinations like Mauritius. While costs have risen in Turkey, tourists will see their money go further across EU countries thanks to a fall in value of the euro.
One pound will buy 1.3 euros compared with 1.2 last spring.
The euro fell further yesterday after a surprise decision by the Swiss central bank to remove a cap on the value of the Swiss franc against the euro.
The falling value of the pound against the US dollar, however, means destinations such as Florida will be dearer.s
In the new Post Office Holiday Barometer, the cost of eight items including a cup of coffee, glass of wine and three-course meal for two in the Czech capital, Prague, is £35.29. Portugal’s Algarve is second cheapest at £36.04.
But the same items in Singapore, the most expensive destination, would cost £149.65.
The Greek island of Crete has seen the biggest fall in prices, down by 19 per cent.
Andrew Brown, of Post Office Travel Money, said: “Holidaymakers travelling to Europe can look forward to better value-for-money."
Bob Atkinson, travel expert at TravelSupermarket.com said: "With millions of us booking trips abroad in 2015, it is vital when planning and booking your holiday you consider both the cost of your travel arrangements as well as the cost of living in the destinations themselves.
"Finding out that a destination is expensive when you arrive is going to blow your budget, so comparing now at the planning stage can help prevent an issues later.
“The fantastic news from this year's report is many British holiday hotspots are still fantastic value for money with Spain, Portugal,
Greece, Turkey and Cyprus all making the top ten with low resort costs. Those travelling further afield can keep costs in check by opting for places like Bali which still remains cheap alongside the Mexican resorts, but should be wary of Dubai which despite its enormous popularity is getting pricier to take a holiday in.
“If you want to avoid the concern of costs in a resort then consider an all-inclusive holiday as a way of avoiding expense in resort.
“Finally it’s also great news for those who love their short breaks. Head to the eastern European cities for the greatest value in places like Prague and Budapest where not only can you buy cheap flight and hotel deals, but your holiday money will go a long way when eating out too."
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