Holidaymakers planning a bargain weekend Christmas market break should head to Latvia, according to new research.

Low prices for travel, accommodation, food, drink and festive treats make Riga the cheapest out of 10 destinations analysed for a two-night trip, Post Office Travel Money found.

Four glasses of mulled wine will set visitors back the equivalent of just £7.29 at Christmas markets, while two return transfers from the airport to the city centre cost only £4.19, the study revealed.

Riga is among the 50% of destinations featured in the study where prices are down this year.

Sterling is now stronger against most European currencies than last autumn and many local prices for meals and drinks have been cut.

The biggest falls have been in runner-up Munich, down 14%, and third-placed Lille, where prices are down 15%.

The most expensive Christmas market destination featured in the report is Stockholm, where trips cost 69% more than Riga.

Andrew Brown of Post Office Travel Money said: “The difference in prices revealed by the latest barometer show just how important it is for people planning trips to check prices and factor in all the costs they will incur on a Christmas markets trip.

“Holiday homework before booking will show that short breaks to long established favourites like Munich and Lille rate alongside Riga as best value for a bargain break.”

:: This is the cost of a two-night break for two adults with B&B accommodation, flights or Eurostar, airport transfers, a three-course meal, coffee, mulled wine and cake, according to Post Office Travel Money:

1. Riga, Latvia £504

2. Munich, Germany £525

3. Lille, France £532

4. Tallinn, Estonia £563

5. Prague, Czech Republic £674

6. Budapest, Hungary £687

7. Copenhagen, Denmark £693

8. Berlin, Germany £697

9. Vienna, Austria £721

10. Stockholm, Sweden £854