Travellers need to book flights at least 53 days in advance of their departure to get the best deal, according to new global travel statistics from Momondo.
By booking travel early – almost two months ahead – consumers could save an average of 29% on their flight cost, the trace search site found by analysing 7.5 billion air fares worldwide.
Airline ticket prices can also vary hugely, depending on the day of the week, with the cheapest departure fares typically to be found on a Tuesday and the most expensive on a Saturday.
Time of day is also an important factor to consider when booking, with flights leaving between the hours of 6pm and midnight working out cheaper.
Ticket prices are also influenced by other factors, such as day of departure, airline, season and airport – factors that play differently in on each route.
Company spokeswoman, Lasse Skole Hansen, said: “We found these trends consistent across the board, so bargain hunters should consider flying at night and on a Tuesday, if they want to save money on their travels.”
She added: “According to our travel statistics, London-New York is by far the most popular UK flight route.
“By using our tool Flight Insight, travellers can assess the best day of week, time of day and season, in which to travel.
“If travellers wish to get the greatest savings on travel to New York, our data indicates that Wednesday is the cheapest day, but that you actually have to book the ticket just 18 days in advance on this particular route, to score the cheapest ticket.”