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With a number of years journalism experience, John is a personal finance journalist and editor providing regular daily news updates to the MoneyMaxim website. His area of particular interest includes house prices, mortgages and insurance. He works as News Editor at MoneyMaxim.
Popular holiday destinations such as the Canary Islands and other Spanish islands remain firm favourites amongst British travellers, according to new research from online travel agent, On the Beach.
As the UK falls into a second recession, cash-strapped Brits who try to find ways to fund their holidays are still keen on heading overseas for a break.
The research shows that bookings for bargain holidays to Tenerife have increased by a staggering 60% year-on-year, making it the nation's favourite holiday destination for 2012.
There has also been a 90% rise in bookings for neighbouring hotspots such as Majorca and the Costa del Sol.
Debt-ridden Greece, which relies heavily on tourism, has also seen a surge in bookings.
As the pound has becoming stronger against the euro, British holidaymakers could get more for their money by going overseas rather than staying in the UK.
Alistair Daly, Marketing Director at On the Beach, said: "With Britain focussing on the Queen's Jubilee and the Olympics, the UK will be saturated with tourists.
"Brits have chosen to avoid these crowds and take advantage of the great family holiday deals this summer to many of the nations' favourite destinations and guarantee themselves their share of the sun. It is evident that for now, staycations have taken a back seat in 2012.”
Further research by Travelodge shows that the cost of holidaying in the UK has increased, which could give Brits further reasons to head overseas.
The average weeks' holiday in the UK costs £433.47, an increase of £10.78 compared to last year.
Anyone looking to enhance their holiday experience might want to rent a car. When hiring a vehicle, it could be advisable to take out car hire excess insurance.