More than a third (33 per cent) of Britons are holidaying in the UK because they think it is better value for money compared with the average foreign holiday, says a new report.

The survey, conducted by Travelodge, said that the staycation trend has hit record levels this year with a 41 per cent rise in people opting to spend their summer holiday in the UK, rather than travelling abroad, which costs an average of £1,010 compared with the staycation average of £399.

London has become the number one staycation location for Britain, knocking Cornwall off the top spot for the first time in four years.

The report also revealed that due to poor weather, 15 per cent of Britons have been waiting for the weather to improve before booking their holiday.