It may depend on the uni, but generally the PhD is a minimum qualification before going for a post-doc job and working your way up. At my uni at least, "Lecturer" was just a job title to denote their rank (above the various post-doc ones, below Senior Lecturer and Professor) and the lecturing itself was a relatively small part of the job - most of it was spent in research. At universities which are less heavy on the research there may be lecturing posts which are entirely teaching, hence lower academic requirements.
Engineering is different to a lot of academic disciplines though in that on-the-job experience is also relevant. Some of our lecturers (in civ / struct anyway) had gotten real-life work experience before returning to academia (I don't know whether the PhD came before, after or whilst having a proper job) which is obviously particularly useful for those teaching as engineering is all about application, and it allowed them to tell us real-life stories about projects they'd been involved with.
Though having said that I think that one of our lecturers did not have a PhD, and his title was Reader rather than Lecturer. He was a bit of a special case though as he had a lot of pre-academia work experience, and also had a ridiculously wide range of research interests so perhaps he's avoided doing a PhD on the grounds that it'd be too narrow for him.
Just out of interest why do you want to be a lecturer? The money's not great and it's more a thing you do out of love for the subject - which I'm guessing if you spent your first year drinking you might not be that keen on?