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When do you need to move?
You might want to consider Northstowe. It's currently being built, just north of Cambridge. It is built around the new 'Busway' which is pretty quick to get into the centre of town for commuting and, as a new build place, will generally have much lower cost than more established villages.
Edit: to be clear; first houses are likely to be available from 2017 so you'd need to rent somewhere for 12 months first.
Soul-
Thanks for heads-up. Really need to be south or south-east as my job is at Capital Park, Fulbourn, and my wife is likely to be working at Addenbrookes Hospital; getting around or across Cambridge is a right fucker during commuter times. Start work on 4th Jan but going to be commuting and staying with parents during the week till our lass gets a job. We could feasibly rent for 6-12 months before buying to get a feel for areas, though we are both originally from south Cambs so have some knowledge... Just didn't realise it was so expensive till now.
@chrisbmx116: Norwich is nice, but way too far. Really want to keep cycle-commuting and would tolerate up to 10-miles or so each way.
@Greenbank: Thanks. Good start. That house and garden is a bit small, but location is great. Forgot to mention we are also massive snobs. Coming from a huge 3-bed period garden flat with garage in Zone 2 - so have quite high expectations.
Needless to say I have rinsed Rightmove...
Timmy2wheels
Unsure. Can't afford to live in central Cambridge - at least not in the sort of family home with decent garden we'd like - so may be using car more, maybe two cars... Parents will be closer to soak up some childcare costs, hopefully, but anywhere within a few miles of the south City boundary with decent transport links looks savagely expensive...