The boss of TUI Group has said last-minute bargains and massively discounted flights are no longer available because demand is outstripping supply.

CEO Sebastian Ebel also said capacity is so scarce in some summer destinations that there are ‘virtually no beds left’.

The Times reports Mr Ebel told German newspaper Bild am Sonntag: “The demand for holiday flights exceeds supply, so you won’t get these cheap offers for marketing campaigns like you used to, with occasional exceptions.”

He said there are ‘virtually no beds left’ in Greece and some other parts of the Mediterranean, but said there is still some spare capacity in Turkey, Majorca and mainland Spain.

“In 2023 there won’t be any ‘last-minute summer’ like there used to be,” he said.

He also said there will be no return to the days when airlines discounted plane tickets to less than €50 (£44) to fill seats.

“On the contrary, the prices will tend to be higher rather than cheaper shortly before departure, because the hotel owners and the carriers know that people will still be making a lot of bookings at short notice.”

The Times reports flights between the UK and Europe for summer 2023 are a third more expensive than last year, according to research by Kayak, and the cost of air travel has risen by well over a fifth over the past year.