Steve Bennett claims his 6.7-metre (22-foot) rocket, Starchaser 3, will make a 4,500 metres (15,000ft) flight in just 34 seconds.
The director of the space technology laboratory at the University of Salford hopes one day to realise his aim of becoming the first amateur to put man into space.
If successful, the Starchaser 3 will be recovered and modified for a 4,000m (130,000ft) flight over the sea later this year.
The next step would be to put a small satellite into low-Earth orbit by the year 2001.
Costing £70,000 and weighing 200kg, Starchaser 3 must first drift back to Earth safely on its six parachutes.
Mr Bennett built the rocket, which includes nine computers and 11 rocket motors, virtually on his own in two years.
Eventually, Mr Bennett hopes to kick start the space tourism industry.
"In 10 to 15 years from now rocket rides into space and back will be commonplace - just like granny booking a flight on Concorde," he said.
"We are going to go for it. I could definitely launch people into space within five years.
"I have drawn the plans and we have even built models of the space craft, which would cost £2.5m to build," he said.
Mr Bennett says his space-dream was inspired by the Thunderbids TV space series.
"I watched it when I was a kid and it really hooked me. I wanted to make it real. It inspired a dream and I have been working on it ever since."