When Carrie Bradshaw hits the big screen in the latest outing of Sex in the City, the chances are that the handbags slung carefully over her designer clad shoulders will become that season’s must have accessory. And it is almost inevitable that, such will be demand, waiting lists to buy the handbags will extend further than the M1 motorway.

But for desperate fashionistas there is another way. Fractional ownership is the latest import from America, and is transforming the way that thousands of British people now own items.

Rather than putting one’s name on a never ending waiting list, fashionistas are signing up to fractional ownership agencies which, for a deposit and a monthly fee, allows them borrow a must-have handbag for a few days per month or a one-off extended period.

It also enables them to avoid the biggest fashion faux pas of all – being seen with the same handbag twice. Because, in a world where the latest must-have bag changes faster than David Beckham’s hairstyle, they can simply send one back and borrow the current most sought-after model.

But fractional ownership stretches much further than the fashion world. It is also the latest way to own properties, yachts, private jets and exclusive club memberships for a fraction of their true price.

Justine Angelli, chief executive and co-founder of Avolus, one of the UK’s leading luxury aviation providers, has a fractional ownership scheme that allows people to come together and partially own an aircraft. “You can order whatever food you want and, if you are late, the plane’s not going to take off without you,” says Angelli.

In other words, fractional ownership can give people a millionaire lifestyle with the need to spend millions in the process.

Fractional ownership of property is not new, but in the UK, its existence was overshadowed by its far less attractive cousin – time-share. (Everybody who operates in the industry is adamant that the two sectors are completely unrelated.)

“Fractional ownership allows buyers to stay at amazing properties around the world for a fraction of the price without having to worry about maintenance.” Lucy Russell, Quintessentially Estates.

But, until January, the attractions of fractional ownership were limited because it was necessary to fund the purchase of a share of a property with cash or by borrowing on another property. Banks were unwilling to grant mortgages on fractional properties because, they argued, they were unable to seize the property for resale in the event of a default.

Lucy Russell, managing director of Quintessentially Estates, the property arm of private members’ club and concierge service, Quintessential, says that fractional ownership allows buyers to stay at “amazing properties around the world for a fraction of the price without having to worry about maintenance.

“There is always someone to look after any concierge needs; and owners can have more than one property with the scheme making it a very worthwhile investment.”

Fractional ownership schemes have an unusual business model. With Quintessentially Estates, members put a down payment of between £100,000 and £300,000 and are then registered as owner for between one and three years. They also pay an annual fee of between £10,000 and £30,000, which covers maintenance and other sundries.

Quintessentially Estates works with three fractional ownership schemes - Folio Collection, which has properties in St Barts in the French West Indies; World Wide Private Residences, with properties in Canada, Ireland and Barbados; and Hideaways Club, with more than 100 properties worth in excess of £1m in over 30 locations.

Although each scheme is slightly different, members generally receive deeds and are entitled to sell or transfer their membership through associated sales offices or local estate agents.

With Hideaways Club, for example, members receive 10 Destination Points every year for their £190,000 fee, which add up to four peak weeks or five off-peak weeks. If they are unable to use their points, they can transfer them to friends or family, while a week’s worth can be transferred to the following year. Members also share 80% of the rise in the value of the whole portfolio.

“The staff at 47 Park Street, which even has a secret entrance through to neighbouring restaurant, La Gavroche, will fill the fridge in advance of a visit and even put out personal objects, such as photographs.”

It is also possible to have a fractional ownership of London based properties, and among the most exclusive of these is 47 Park Street in Mayfair. Maria Archer, 42, is a partner in a telecoms consultancy who currently lives in Monaco. She owns four properties, and nine months ago acquired a fractional ownership of a two-bedroom residence at 47 Park Street, which gives her the right to 21 days’ accommodation.

“When you have multiple homes, you do not want to have any more hassle or worry. I just wanted somewhere where I could close the door and walk away without having to worry about emptying the fridge. At the same time, I didn’t want anything anonymous,” explains Archer.

“We found out about 47 Park Street through a property developer friend in Ireland at a time when we were deciding whether to buy an apartment in London. We needed something more than a hotel but didn’t want the hassle of maintaining an apartment. After seven years, I had had enough of staying in hotels and wanted something homely.”

The staff at 47 Park Street, which even has a secret entrance through to neighbouring restaurant, La Gavroche, will fill the fridge in advance of a visit and even put out personal objects, such as photographs, to make the apartment feel more homely. Last Christmas, they even looked after a puppy bought as a gift by an American-based owner for his daughter.

There is a one-off charge of £106,000 and an annual fee of about £5,000 to cover service charges. “At a time when the London hotel room prices are fluctuating, the membership at 47 Park Street is a one-off payment that does not rise in peak seasons,” says Archer. “It means I can plan my budgets carefully and manage cash flow without having to worry about an expensive accommodation in London during the Christmas season for example.”

By Helen Dunne