City house prices are rising all the time, but one part of Cambridge has seen prices soar at a particularly incredible rate, with houses now being worth nearly double what they were only three years ago.

City residents lucky enough to own properties in East Chesterton in the vicinity of the new Cambridge North railway station, which is set to open in May 2017, have seen the value of their properties go “through the roof".

The phenomenal rise has seen some properties in the area going on the market for nearly double what they would have sold for in 2013.

The rise, which is dramatic even within the context of Cambridge's increasingly pricey housing market, has been attributed to the imminent opening of the new station and the convenience and jobs it is hoped this will bring to commuters living in the area.

A spokesman for Cambridge's Radcliffe and Rust Estate Agents said: “Without a doubt, the station is the biggest influence. That part of Chesterton has always seemed like it's a long way away, but with the announcement of the new station being built, prices have gone through the roof."

Two bed properties in the area, the spokesman said, were routinely going for more than £400,000. Recently, a house in Long Reach Road that had, in 2013, been valued at £275,000, sold for £460,000.

Speaking to the News, residents said this was typical of the area and that, in the last couple of years, they had seen a dramatic rise in the value of their properties.

“It is good news for the area," said Long Reach Road resident, Trevor Darlow. “Who would ever have thought this place would be worth more than £400,000?"

Mr Darlow, who bought the house for £4,200 in 1969, said he wasn't surprised the promise of a new station had accelerated the rise of house prices in the area, but warned that there would need to be a better solution for parking if the streets were to remain accessible.

“The thought of selling up has crossed our minds," said Mr Darlow. “It depends on the parking situation. A lot more people will be coming for the station and, it they're charging too much, they'll just park in the streets."

Dave Gibbs owns a house in nearby Cheney Way. He said two-bed houses in the area had been selling for more than £400,000. He expected his property would fetch even more than that if put on the market.

“It's really wonderful," he said.

Councillor Kevin Price, Executive Councillor for Housing at Cambridge City Council, however, said the escalating prices could mean “misery" for prospective house-buyers.

He said: “Rises at that level spells misery for young people and people looking to get on the housing ladder in Cambridge.

“High house prices in relation to earnings make it difficult to buy places. These properties will only be bought by well-off people or portfolio holders.

“I understand it will be good for the people that own those houses, but that kind of rise is unsustainable and will end up making Cambridge a place only the well-off will be able to afford to live."

Shirley Larthwell lives further along Long Reach Road. She said a lot of people had noticed the increased interest in properties in the area, but expressed her concern for the implications for younger people trying to get on the property ladder.

She said: “The increase in value is all very well and good, but what about the next generation?

“The station is brilliant. It will bring extra work and more convenience but, at the moment, it's difficult to say how it will effect the area.

“It is delightful, but it's short-term. Every body deserves a home or a house. I worry it will come to the point people can't achieve that."