Brits looking to jet off on Spain holidays for a week of sun and sea will end up paying at least £505 more now than they would have this time last year, new research suggests.

The shocking findings follow a year-on-year comparison of accommodation fees, restaurant meals, car hire and currency exchange rates.

They note significant annual increases across the board in mainland Spain, in large part due to the tumbling value of the pound this autumn.

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And, the sum doesn’t even take into account flights which are reported to cost around 45% more now than they did last year.

Due to this, the price hike on your average summer family holiday to Spain will be even higher, according to the eurochange research.

It's bad news for Brits looking to get away in the next few months – many might be surprised to see how much more expensive their Spain getaway is now compared to last year, reports the Mirror.

With the price of accommodation, food and drink rising sharply in the UK as well, Brits looking to book a holiday have a difficult decision to make.

The area that has seen the biggest annual increase is car hire, which costs 136% more than this time last year, with Brits expecting to shell out a £609 for a week's rental, or £52 per day.

This sum is based on rates provided by Sixt, Hertz, Avis, Budget, Enterprise and Europcar, which reveals the same rental in 2021 would have cost much less at £258 per week.

Hotel rates have also risen substantially, with a one-night stay priced at £62 in 2021 now amounting to £84 per night.

This represents a 36% rise over the last year, and means a week stay (6 nights) will now set holidaymakers back £504.

Many local businesses have raised prices to make up for a profit loss during the pandemic, meaning tourists could be left out of pocket unless they’re planned for the extra cost.

Restaurant meals have also seen a slight spike, with the typical dinner costing £17.50 in 2021, and now equalling £19 – a 9% increase over the last year.

Based on one restaurant meal per day, that equals an average weekly spend of £133 per person.

While rising food costs are understandable given inflation, holidaymakers will want to research the best deals when booking a hotel, to make sure they’re not getting ripped off.

Exchange rates also offer less value now than they did this time last year, having dropped from a mid-market rate of 1.165 in September 2021 to 1.143 in September 2022.

In fact, a recent survey found holidaymakers take £626 in travel money when visiting Spain.

With the year-on-year drop in exchange rate, it means Brits will get 13.47 fewer euros now for £626 than they would’ve done last year (a loss of £11.77).

Charles Stewart, managing director at eurochange, offers advice on how holidaymakers can make their money go further this autumn. He says: “We’re all feeling the pinch at the moment, especially as many tourist destinations have increased their local prices post-pandemic.

"However, there are ways people can cut costs in other areas abroad.

“Preparation is key when it comes to cutting costs, as there are many package holidays and budget flights available if you research.

"Holidaymakers can also save by avoiding hiring a car, as it’s a large expense that’s more than doubled in the last year.

“It’s also key to keep an eye on exchange rates and seek out the best deals, to make sure your cash goes as far as it can whilst abroad.

"If possible, make sure to take more money away with you than you previously would have done to make up for the drop in rates.”

You can find out more oneurochange.co.uk .

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