A new supersonic airplane set to be the successor to Concorde could bring passengers between London and New York in just three and a half hours, according to bosses. Boom Technology's new Overture supersonic aircraft could transform the aviation scene when it enters commercial use by the end of the decade.

The new plane is set to carry at least 80 passengers and reach speeds of up to Mach 1.7 across the ocean. The new plane will be the first commercial supersonic flight across the Atlantic since Concorde was retired back in October 2003. However, Boom claims the new service will differ from Concorde in one important aspect: price. Blake Scholl, founder and CEO of the aircraft maker, stressed that travel costs would be affordable, opening up supersonic transport to everyone.

He told the Independent: "Most importantly, it's affordable. Concorde tickets cost £20,000: a luxury for royalty and rock stars. Overture's fares will be comparable to today's business class, around $5,000 round trip across the Atlantic, under £4,000. Airlines will actually make money at that price thanks to modern technology."

The new supersonic plane is expected to be capable of travelling up to 5,000 miles (8,000km) - a lot more than supersonic passenger jets. Boom also claims there will likely be over 600 viable routes Overture could operate on.

It suggested this could include a mix of transatlantic, transpacific and US coast-to-coast trips. However, Boom has admitted that a route between New York and London is expected, with chiefs claiming travel time could be as low as just three and a half hours.

United Airlines, American Airlines, and Japan Airlines are among those to have preordered Overture models to fly within their fleets. Those who remember the sound of Concorde's sonic booms ringing over the UK could be disappointed.

Boom has confirmed that they are looking at advanced algorithms which should reduce the chance of people on the ground being disturbed by the new plane.

Blake added: "We've committed that Overture will be no louder than subsonic aircraft during takeoff and landing. That small speed tradeoff makes it vastly more practical and community-friendly."