Forget Halloween and Bonfire night, as Christmas is sooner than we think and what better way to get into the holiday spirit than a visit to a festive market.

But while London is home to options including Christmas by the River, Winter Wonderland, and Winterville, the capital is one of the most expensive destinations in the world.

Thankfully there are cheaper options out there for individuals and families. New research from investment platform Saxo has revealed the cheapest European Christmas market to visit this festive season.

The team created an index score based on the rate of currency conversion from £500, the cheapest flights from London, a bottle of beer at the market, a bottle of wine, a meal for two and the cost of a one-night stay in a hotel to determine the results.

Coming out on top is the Polish city of Poznan, which hosts an annual market in the Old Market Square. Travellers can fly to Poznan from London for as little as £28, and the average cost of a hotel stay for one night will only set you back £31.33. A beer is a steal too at just 79p, while wine is just £4.87 per bottle.

In second place is Sarende in Albania, with flights from just £29 and hotels at £42. When tourists are there, a beer at the market will cost individuals just £1.08 and a bottle of wine £4.63

One of the most surprising destinations is Madeira in Portugal. The average temperature is around 18°C, and it’s fair to say the market is not your typical winter wonderland.

The price of a beer at the market costs just 83p and a bottle of wine will set tourists back £3.55. A flight from London to Madeira is £132, while the average cost for a hotel stay for one night is £65.71.

By comparison, the average price of wine at a market in London is £10 per bottle, which is more than double the cost in Poznan and Sarende. An average hotel stay is almost £100 for one night, while a meal for two will set you back £80.

The top 10 most affordable European Christmas markets and the total cost:

1. Poznan, Poland – £94.21

2. Sarande, Albania – £114.90

3. Craiova, Romania – £122.30

4. Budapest, Hungary – £148.33

5. Montbeliard, France – £151.17

6. Riga, Latvia – £160.83

7. Trier, Germany – £171.09

8. Prague, Czech Republic – £209.60

9. Madeira, Portugal – £216.97

10. Govone & Asti, Italy – £251.59

The most expensive Christmas markets in the UK and the total cost:

1. London – £192.29

2. Manchester – £192.98

3. Edinbrugh – £218.08

Dan Squires, head of UK sales at Saxo, said: “The relative strength of the pound recently will benefit UK travellers visiting European Christmas markets this winter, with those countries outside of the Eurozone being even better value for money.

“However, surprise destinations, such as Portugal, France, Italy, and even Scotland, should not be disregarded by Christmas tourists looking for a deal. Savvy shoppers will still be able to grab a bargain as tourist hotspots continue to recover from the COVID slowdowns and want to tempt more all-around tourism where possible.”