Skoda has announced prices and specifications for the new Octavia vRS, which is to make its public debut at the Goodwood Festival of Speed this weekend.

The latest version of the hot hatch, which has traditionally sold very well in the UK, will start from £22,990 on the road, rising to £25,450.

The cheapest version will be a 217bhp petrol-engined hatchback with a manual gearbox, while 181bhp diesel and DSG automatic variants will also be available, plus an estate body style that adds £800 to the price of the hatchback.

The diesel engine, which although falling short on performance trumps the petrol for running costs with CO2 emissions of 119g/km compared to 142g/km, will be offered for a £270 premium. DSG costs £1,390 to add, but is already included in the £25,450 price tag of the range-topping diesel estate.

Famed for their increased practicality versus other hot hatchbacks, the Octavia boasts 590 litres of boot space as a hatchback, which rises to 610 litres in the estate. With the rear seats folded down that jumps to 1,580 and 1,740 litres respectively.

To cope with the performance on offer, which spans a 154mph top speed for the 217bhp hatchback and a 0-62mph sprint of 6.8 seconds, Skoda has engineered a new multi-link rear suspension setup, added an electronic ‘XDS’ electronic limited-slip differential and lowered the chassis by 12mm – or 13mm for the estate.

Progressive steering alters the amount of lock needed to negotiate turns as speeds rise. Keen drivers will find themselves able to keep both hands on the wheel more often than ever.

Standard equipment on the new vRS will cover 18-inch alloy wheels, parking sensors, lane-keeping assist, xenon headlights with LED daytime running lights, DAB radio, Bluetooth, selectable driving modes and dual-zone climate control.

A touch-screen display is also standard-fit, while estate models add roof rails and a rear seat backrest release in the boot.