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The new model – which looks like something straight out of film Back To The Future – could be in the air in just three years.

The NeoXCraft has been developed by Nottingham-based VRCO.

The £1.5m vehicles will be able to travel by air, road and water.

The two-man vehicle, carrying 180kg of load, could reach airborne speeds of up to 180 knots – equivalent to 210 mph – and fly for up to an hour at between 1,000ft and 3,000ft.

It will use four-powered fans and could take off from right outside your home.

(Image: VRCO)

But if you don’t fancy flying to your destination, the fans fold down to become wheels for land-based driving.

The developers say those who travel on it will be able to go anywhere on it as long as there is permission for it to land.

The electric craft will be controlled by a computer program.

It's hoped that future models could be made to fly autonomously and speed passengers around the country by themselves.

The company said that around 100 orders have already been placed.

CEO and co-founder Daniel Hayes, 43, told the Derby Telegraph: “This is a new form of human transportation that’s fully multi-modal.

“It can take off vertically from your driveway, garden or wherever it’s safe.

"You can then land and use the road for the final part of your journey, get out and go into your workplace, and the car will park itself.

(Image: VRCO) (Image: Barcroft)

“Our vision of the next 10 years is that the shackles of commuting are falling away and it’s an age of ‘airvolution’.”

The first vehicles to be made will be driven by a qualified pilot but it is then hoped future vehicles could be made to fly autonomously depending on licensing regulations.

The news comes days after Volvo announced plans to develop flying cars for taxi firm Uber.

Parent company, Geely, is hoping to crack open the market of flying cars after recently purchasing a vehicle start-up firm, Terrafugia.

Terrafugia has been working on a model the is capable of speeds of up to 200mph with a range of 400 miles.

It is hoped it will hit the market in just three years.

And last year a futuristic concept car has been unveiled – which could mean a quicker commute for decades to come.