New Year's Eve: Will you be going out or staying in? (With poll)

Some 78 per cent of people surveyed for Post Office Home Insurance are planning to spend New Year's Eve at their home or at the property of a friend or family member, equating to 40 million across the country.

Some will be heading off to a house party, hosting one themselves, or spending a cosy night in with their partner. But nearly one in five (17 per cent) people surveyed expect to see in the New Year on their own. Overall, the average spend on New Year's Eve celebrations is expected to be £54 per person – the same as last year.

The biggest spenders are 18 to 34-year-olds, who expect to spend an average of £69 each. Meanwhile, 11 per cent of people do not plan to spend anything to celebrate seeing in 2017.

Looking across the country, revellers in London expect to spend the most on the big night, at £88 per person on average. People in Southampton were found to be expecting to spend the least, at £34 per person.

Staying in to see in 2017 is not necessarily cheaper generally than going out.

Those looking to host a party expect to spend £111 on average while those planning to go out to a pub, restaurant or nightclub expect to spend slightly less, at £107.

With more than one in 10 (13 per cent) party hosts experiencing damage to their home at a New Year's party last year, the real cost of staying in could be significantly higher than heading out, the Post Office warned.

The average cost of the various breakages set party hosts back an additional £71.

The most common accidents last New Year's Eve were food or drink ending up on the carpet, broken crockery, and damaged furniture or technology, the research found.

Rob Clarkson, managing director at Post Office Money Insurance, said: "

Anyone considering hosting a party should be sure that they are properly covered for accidental damage."