Britain has reached "peak prosecco" because it is no longer seen as a luxury, figures suggest.

Sales of the Italian fizz have boomed in recent years as it successfully overtook champagne as a toast at weddings, birthdays and other special occasions.

But now, for the first time, prosecco's seemingly unstoppable climb is slowing, according to accountancy group UHY Hacker Young.

Last year saw the smallest sales rise since 2011, amid a rising cost of imports from Italy and France because of sterling's weakness, it found.

Some 35.8 million gallons of sparkling wine were sold during the past year, an increase of 5 per cent on the previous 12 months.

UHY Hacker Young suggested that prosecco may be suffering from brand overexposure through overstocking at supermarkets.