The big change, as eagle-eyed HFP readers booking for February half-term had already realised, is that Tuesday and Wednesday flights will no longer automatically be off-peak.
If you want to travel on British Airways between 7th July and 5th September you will be paying the peak Avios price. If you are wondering why this covers nine weeks and not the traditional six weeks of the school Summer holiday, it is because it appears to be based on the public school calendar and not the state school one. This is why October half-term straddles two weeks and Easter covers 3.5 weeks. That said, February half-term is only blocked out for one week and not two.
You will see calendars for both BA and Iberia below. There are substantial differences between them. If you are flying on a route shared by BA and Iberia, it may be cheaper to book on Iberia.
For example, 15th February is peak for BA and off-peak for Iberia. On that day, a Club World return from London to New York would be 120,000 Avios. It would only be 68,000 Avios from Madrid to New York. The tax would also be £335 lower on the Iberia ticket as long as you book via the Iberia website (£480 v £145).
British Airways calendar: (click to enlarge if necessary)
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