BUILDING work on a block of retirement flats in Hazlemere has had to be put on hold because of the credit crunch.

The new homes are currently under construction in Penn Road – but work was halted two weeks ago.

They are being built by Bournemouth-based McCarthy and Stone, who specialise in building retirement homes.

Paul Davies of the firm said work had stopped due to financial reasons – but it is set to begin again next year.

“Like every house builder in the country, we have been forced by the credit crunch to review our construction schedules,” he said.

“This site has been put on hold but work will resume in earnest next spring.

“We apologise to anyone who was hoping for an early move to a retirement apartment but we will make every effort to catch up on the time lost.”