In ten years, the number of British households owning a holiday home abroad has soared from 280,000 to nearly 400,000 and the "no frills" airlines boom means the figure could keep climbing.

For 22 years, The Holiday Property Bond (HPB) has used investments by members to grow a portfolio of holiday homes across Europe.

Investors pay a lump sum for HPB "points" to spend each year on holidays in the portfolio of properties. With 34,000 current investors, HPB tries to offer some of the attractions of a holiday home, without the worries of maintenance, security and eventual resale which concern many second home owners. And you can go somewhere different every time you leave home.

When you want to quit, HPB returns at least some of your original investment, by cashing in points at a value which changes each day, rather like a unit trust. It's an easier exit route than from a timeshare.

From the start, money invested by HPB members has gone partly in property, and partly into stocks and shares. HPB is probably not a sensible bet for those who hope one day to take out more money than they originally put in. Anybody who invested £5000 in 1983, for instance, would walk away with about £4000 today, far behind the rate of growth in the value of both properties and shares.

One reason for this, says HPB sales director James Boyce, is that holiday homes tend to be valued at less than vacant possession value. And millions invested in facilities like indoor pools doesn't show in the bottom line because their value might be less than building costs.

But bondholders get the return of some highly enjoyable holidays for relatively low cost. HPB may be the "fun" part of a portfolio providing happier memories than shares and pensions.

For further information, email HPB at: details@hpb.co.uk