For those of us whose ups and downs in the saddle depend only on potholes, the Paravelo might sound like an exciting way to rise above the daily grind. But is taking to the skies really the answer?

The British duo behind the "flying bike" promise an end to the daily drudgery of traffic jams, parking fines and road rage, as well as a taste of adventure. One half of that duo, Yannick Read, is no stranger to manufacturing weird and wonderful bikes, being the man behind the Hornster bicycle, which carries a horn louder than Concorde.

"If you have a thirst for adventure, but are without the storage space or bank balance large enough for a helicopter, then the Paravelo is for you," said Read. "It works by combining the traditional folding bicycle with a lightweight trailer carrying a powerful fan." The parts can be used together as they are in the video above or separately and Read said the entire assembly is small and light enough to carry into an office or flat and taken on public transport. It can take off from any open space, he said, reaches 4,000ft altitude and travels at 15mph on land and 25mph in the air.

"The Wright brothers were former bicycle mechanics so there's a real connection between cycling and the birth of powered flight that's recaptured in the spirit of the Paravelo" said John Foden, co-designer of the flying bike.

However, there are a number of restrictions on air travel in urban areas, which mean that your daily commute is unlikely to include flight for the foreseeable future. Although technically the Paravelo can be flown without any licence or training, Read suggests that taking to the skies with little or no experience would be "ill-advised".

The Paravelo in action. Photograph: Jonathan Hordle/Rex Features

Read said the way to get the most out of the Paravelo is to use the folding bike throughout the working week, then when Friday evening arrives, hitch the trailer to the back and cycle out of town, ready to take to the skies when enough open space presents itself. "Really what it is is an extension of how you can use a bike, in quite an adventurous way," he said.

The Paravelo's fabric wing helpfully doubles as a tent and the trailer can carry everything that you'd need for a weekend of "flamping", the term coined by the bike's designers to describe what they hope will be a new trend combining flying in the Paravelo and camping.

The Paravelo project is still in its early stages as far as manufacturing goes, they can be ordered and produced as bespoke items. But the long-term plan, if the project raises the £50,000 needed, is to produce a range of the flying bikes which will retail at £10,000.

If your pockets aren't deep enough for the Paravelo itself, there's always a mug which sports the slogan "My other bicycle is a flying bicycle", which is available as a reward when you donate to the Paravelo's Kickstarter funding page.

• This article was amended on 21 June 2013 to correct a misspelling of Yannick Read's name.