British holidaymakers are reportedly missing out on cheap flights as 86 percent book their flight at the wrong time. The new analysis is from global travel search engine Skyscanner.

The website has found the best time to book a flight to bag a bargain. The research found that Brits are cautious as they like to plan ahead and book flights in advance. Almost half of the Brits book their flights at least 13 weeks in advance. While planning in advance is good, Skyscanner says that this habit won't save you money.

The best time to book a flight is seven weeks in advance. This is the best time to bag a bargain according to Skyscanner but this also depends on the destination.

In example, if you're booking for a flight to Barcelona, the best time to book is eight weeks in advance for 14 percent of savings. Long-haul holiday destinations are advised to be booked a little in advance. Thrifty travellers can have 9 percent savings on the usual flight price to New York if the booking is made 18 weeks prior to travelling.

The month you decide to travel also makes a difference in savings. Report shows that January is the cheapest month to fly from the United Kingdom, followed by November. August is unsurprisingly the most expensive month to travel as it is the school summer holiday month.

Skyscanner, a search engine for flights and hotels, is Scotland's newest unicorn -- a startup worth at least $1 billion with its $192 million in new funding. Skycanner has been profitable since 2009 and currently has more than 50 million monthly users, the company said in a statement.

Founded in 2003, Skyscanner is a travel search engine that lets users find and book any part of their trips like Kayak, among others. It pulls results from other services like Expedia and Travelocity, along with information directly from airlines and other providers.