House prices in Skegness could rise if £3 billion scheme linking Lincolnshire and Norfolk gets go ahead
House prices in Skegness could rise by 30 to 40 per cent if a multi-billion pound plan for a port in the Wash goes ahead.
One local estate agent believes prices could easily increase if Centre Port's £3 to £4 billion proposal to build the world's first tidal-powered deep-sea container terminal becomes a reality.
The scheme includes a road across the Wash, linking Lincolnshire and Hunstanton in Norfolk, cutting travel time from around an hour and a half to just 20 minutes.
The terminal alone is expected to employ at least 300 people, with a "very substantial" knock-on effect on employment. There is also potential for major companies to build warehouses in and around the terminal area.
Carl Smith, from Skegness estate agent HomeMove, said "in reality, there is no reason why prices couldn’t go up" if the scheme went ahead, noting how house prices in Norfolk have risen over recent years for reasons he couldn't explain.
The average house price in North Norfolk was £308,189 in October 2024, a 0.7% increase on the previous month. The average house price in Skegness currently stands at £196,812, according to Rightmove.
"We've looked at what the market has done recently, and we’ve looked at what has happened over the past 10 years.
"To be linked up would be amazing," added Mr Smith, although he remained skeptical about whether the plan would become a reality, describing it as possibly "a little far-fetched".
"The jury is still out, if I'm totally honest."
Last September, Centre Port CEO James Sutcliffe suggested the port could be operational by 2031 but stressed the project was still in its "early days."
During a presentation to the Skegness Area Business Chamber at North Shore Golf Club, he confirmed that the company has already contacted the Planning Inspectorate regarding a Development Consent Order for this Nationally Significant Infrastructure Project (NSIP), which he expects could take up to two and a half years to process.
