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Nobody is quite sure why, but fractional living has exploded into sections of life in the consumerist U. in a way that many economists once thought impossible - and it is becoming one of the few growth sectors in the UK.

'I think the recession has taught people some hard lessons that they will never forget and they are now looking for new ways to make their money go further,' says Sophie Garrett, founder of Norfolk-based, a website on which total strangers get together to buy second homes, aircraft, cars, yachts and land - with some even sharing pets and gardens.

'We found a three-storey, four-bedroom house that was bigger than I was originally thinking of, then we went to the Boat Show and chose a 50ft Beneteau Oceanis fourcabin yacht.' Mr Price has two partners in the venture - a GP and a director of a yacht management company - and they each paid around £400,000 to become fractional owners of the yacht and the house.

They are now after a fourth partner who will be able to buy in for £270,000 - a sum that would barely get you a one-bedroom flat in a desirable part of London.

A 49-year-old commercial pilot, he spends so much time abroad that he registered offshore for tax purposes.

Called 'fractional living', it is a philosophy that puts the enjoyment of an asset above the ownership of it.

In practice, it means that instead of owning an asset outright (whether it's a house, yacht, car or even a handbag), you share it with other people - and just use it when you have the time or the inclination.

His plane is safely stored in its hangar and his boat is moored alongside two 100m mega-yachts belonging to members of the Saudi Arabian and Qatari royal families.

Back in the UK, Adam Farkas is waking up in his Mayfair suite, a piece of real estate that would normally cost him well into seven figures, while just down the road the biggest choice of the day facing Glenn King is whether to jump into a £135,000 Alpha Romeo or a £150,000 Ferrari.

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