When is the best time to book your Christmas holiday?

When is the cheapest time to book a hotel for a Christmas or New Year holiday, and what's the best destination for a break at that time of year?

This is exactly what a recent TripAdvisor report looked into, and we've got the results.

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Last-minute shoppers can make the biggest savings by booking trips to Dubai, Dublin or New York. Travellers to Dubai can save up to 41 per cent on peak prices by booking just a few weeks in advance, while you can save up to 25 per cent on a festive trip to New York if you book in mid-November.

If you are looking for a destination closer to home, then Christmas or New Year trips to Dublin are best booked in early December, when you can typically save as much as 26 per cent compared to the peak price.

The travel planning and booking site found that the destination which sees the biggest variation in price throughout the year is Sydney, where travellers can save an incredible 55 per cent on Christmas/New Year trips if they book after late August when compared to the peak rates available earlier in the year.

TripAdvisor analysed historical hotel booking data and interest in nine popular regions around the world for the last two weeks of December. The best time to book was defined as periods when hotel prices were less than the average for the destination. The research showed that the best time periods to book vary depending on the region or city where the traveller is looking to visit.

While most destinations see a gradual change in prices over time, some destinations see dramatic changes from week to week for Christmas and New Year hotel rates.

For London and Berlin, you can save up to 35 per cent when you book a hotel in Mid-December, while Moscow offers savings of up to 34 per cent when you book from August to the end of the year.

Rio de Janeiro offers up to 42 per cent off room rates in late August, travellers to Chicago can save up to 28 per cent when booking their festive break in October and hotels in Istanbul cost 26 per cent less in early December.

TripAdvisor's Hayley Coleman says: "Europe is the best option for late travel shoppers thinking about a Christmas break away, with bookings made in November or December offering the biggest savings to seven out of the nine destinations we analysed."