Families face hotel premiums of up to 223% over Jubilee Bank Holiday
As the Royal Jubilee procession route is announced, new research from Santander suggests that families planning city breaks to celebrate the Queen's Diamond Jubilee may be in for a bank-breaking trip.
The findings reveal that supporters of the Jubilee hoping to stay at a hotel in London between Saturday 2nd and Wednesday 6th June will face premiums that average 54 per cent - equivalent to an additional £1,043.
Families hoping to celebrate in style at one of London's five star hotels should expect to pay an eye-watering average of £4,590 for their stay - equivalent to an 81 per cent (£1,887) uplift. The cost of a three star stay during this period is a more modest £1,003, with premiums for these hotels averaging 26 per cent or £199.
Santander looked at both three and five star hotels in central London, basing the study on two adults and two children for four nights. The research compares costs of a four night stay over the Jubilee weekend with an ordinary weekend in May.
Hotels in other key cities across the UK seem to have followed suit, although the premiums are not quite on a par with London. In Edinburgh, families should expect to pay an average premium of 28 per cent or £312, whilst those celebrating in Manchester are likely to be charged just 8 per cent or £48 more over the Jubilee period.
The premiums charged by London hotels during this year's celebrations are significantly higher than they were during the Royal Wedding in 2011. Santander's research last year highlighted increases of up to 113 per cent during the Royal Wedding period, with the average price hike being 26 per cent.
Andy Smith, Santander, commented: "Demand for hotel rooms in London is likely to be fierce over the Jubilee Bank Holiday weekend, so we'd expect to see inflated room rates, but the premiums our research has uncovered will price many families out of the Capital altogether.
"Families hoping to book a hotel stay around the 6th June can still avoid some of the steeper premiums by shopping around for the best deal or if they have transportation, considering a location that is slightly less central.
"For those that do take the plunge and book a break, make sure you take advantage of all the vouchers, cashback and rewards available as well as making the most of cashback on everyday spend with the Santander 123 Current Account and Cashback Credit Card."
British households could save as much as £1,000 a year in cashback and interest with the 123 Current Account which pays cashback on household bills and interest on balances, together with Santander's 123 Credit Card, which pays 1% cashback at supermarkets, 2% cashback at department stores and 3% cashback at petrol stations.
For more information log on to santander.co.uk and check out how much cashback you could earn with our cashback calculator.