You can knock more than 50% off the price of your flights by booking on the right day, with hotel bills dropping by as much as 69%, a new study has found.

In fact, even the day of the week you book on can have an impact on how much you pay for a holiday, research from KAYAK.co.uk  has found.

The travel comparison wanted to know the exact time people were seeing the cheapest prices , so dug into its data, analysing million of quotes for people looking to go on holiday.

And the results weren't what a lot of people would expect.

Sophie Gough from KAYAK said: “There are so many myths when it comes to the best time to book your holiday, that it can be difficult for travellers to feel confident about when to book to get the best deal.

"That’s why we dig deep into our data each year to compile an extensive price analysis and find the best time for the most popular flight and hotel destinations among Brits."

You need to book trips to Europe a bit earlier than the rest of the world to find the biggest savings
You need to book trips to Europe a bit earlier than the rest of the world to find the biggest savings
 

The firm found that the best time for Brits to book depended on the destination - with prices dropping on different days for people flying to Europe vs North America, for example.

People planning flights to Europe saw the best deals 63 days before departure with - saving up to 56%.

Flying out on a Tuesday also saved money, with prices 23% lower compared to flying out on on a Sunday.

When it comes to hotels, the cheapest rooms are found 118 days in advance  - when prices are up to 49% lower. The most expensive time to book a hotel, unsurprisingly, is the day of arrival.

Booking a hotel on the day you arrive costs most
Booking a hotel on the day you arrive costs most

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When heading further afield the magic number of days to book in advance is 51 - with long-haul flights 42% cheaper than on the day of departure.

Tuesday is the cheapest day to fly again, saving you 13% compared to flying on a Saturday.

Hotel booking discounts were remarkably similar holidays closer to home, though, with the biggest savings found 115 days ahead of arrival.