Some schemes also have an option for the owner to exchange their weeks for stays at another location.

If this reminds you of the dreaded T word, remember there's a very important difference.

In a fractional ownership deal buyers always have equity in the bricks and mortar they initially invested in.

A corner of a country cottage

Penhaven Country Cottages in Devon are a good example of a very straightforward fractional ownership deal.

Owner Geoff Baker was inspired to create an upmarket holiday development comprising a hotel surrounded by fractionally owned cottages after seeing the method working in the States.

And, though it has taken a bit of explaining, his scheme has gone down well with the locals.

For £21,000 to £50,000, plus £1000 to £2000 service charge per year, ten people share ownership of a cottage. Each owner has the right to five weeks’ access, including two during the high season, worked out on a rotating matrix.

Sue Walker is one of the first owners at Penhaven Country Cottages. She was attracted by the idea of a holiday home without the financial outlay and responsibility of the maintenance. "It takes all the stress away," says Sue.

"It’s the ideal compromise. For example, as happened to me recently, if I’m down for a weekend and the shower cubicle starts leaking, I can just go home having told the manager about it and leave them to sort it out.

"I’ve visited it three or four times so far. I won’t be letting it but I will make it available to family and friends. And it will appreciate in value. The price already seems to have gone up by £5,000 in a year."

A fraction of the world

But if roses round the door aren’t your kind of thing, fractional ownership deals are also appearing in smart locations all over the world, particularly in the Caribbean, South Africa, and Dubai.

Select Property has been offering off-plan fractional ownership in Dubai since July 2006, and is attracting a variety of investors.

For under £7,000 the company offers a 1/25th share in a one-bed apartment in The Torch, Dubai, with access for two weeks a year for 15 years, after which the property will be sold.

Shahid Mahmood Chaudhry has bought six fractions in the Dubai development, and, though he is primarily interested in capital growth, he is looking forward to taking some holidays in his new apartment.

"I really liked the idea of the shared ownership. For those individuals who may not be able to afford to purchase a property fully, it is a great alternative.

"Once the development is completed I can look at the weeks that I have available to me and decide which ones I would like to take as holiday and which ones I will rent out to cover my annual management costs."

What’s the catch?

You’re unlikely to bag a bargain. Fractional ownership guarantees bigger profit margins for developers who can charge far more by dividing the ownership.

Add up the cost of the shares and you may find you’re paying around 20 per cent more than if you purchased the whole.