A BRITISH company has entered the race to develop the world's first flying car – with a radical amphibious design.

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.