Money-savvy consumers in Britain are making their pounds go further by opting for cheaper holidays and searching for the best bargains, it has been found.

According to a poll carried out by cashback network froggybank.co.uk, sales of holidays costing £500 and above have dropped by 12 per cent this year when compared with 2007 as people try to beat the credit crunch.

However, sales of short breaks and cheaper holidays were found to have increased by 4.5 per cent, the company found.

A recent survey by the Post Office revealed that Greece is among the best places to go for families wishing to holiday on a shoestring.

The research looked at the cost of days out in ten destinations as part of its Holiday Costs Barometer and found that Greek attractions are mostly free for the under-19s.

Anyone still looking for a package tour this year may wish to consider cheap holidays in Crete, which attracts 35 per cent of visitors to Greece.

Complexes have mushroomed west of Heraklion, the island's capital and main airport, around the towns of Chania and Apokoronos - nicknamed Little Britain, reports the Telegraph.