For what my opinion is worth, I feel this song is 'modern' too.
I reckon it's early 20th century - maybe it chimes in with film Phil mentions? If so I think 1926 sounds about right somehow. Was it written in all innocence of the Folksong Revival? Maybe so, but I don't think it was written in all innocence of the Folksong Tradition - which is something very different. So 'modern', for sure, but it's no less 'real' because of that. Like I say, if it's good enough for Peter Bellamy, Jim Eldon & Jon Boden then it's good enough for me.
As for the town itself, it's a merry 232 country miles from Fleetwood to Fakenham - we touch up it briefly each spring on our annual Norfolk jaunt, which usually has us fetching up somewhere in the outback near Tatterford. By briefly I mean the supermarkets - I don't think I've ever ventured into the town itself despite a tasty looking church. It remains a place of dreams...