The deadline to start building work on the site of a demolished Black Country pub could be extended because no buyers have come forward in four years.

The trouble-hit Lagoon pub, in Princes End, Tipton, shut in 2007 and had been a regular target for arsonists. It was finally razed to the ground last year. The site is up for sale, with planning permission from Sandwell Council to build 15 apartments, but owner Martin Richards, of Richards Developments, said today that the credit crunch had put off buyers.

The planning permission is due to run out this year and Mr Richards has now applied to extend it.

He said: “We want to sell it on and we have had some interest, but nothing more.

“I think the economy has put people off and there are a lot of unsold apartments around the area. As soon as they start going, people will show some interest.”

Mr Richards added: “We won’t build the apartments ourselves. We want to sell it on, and will wait until that happens.”

Sandwell’s regeneration chief Councillor Bob Bad-ham, said: “This is an isolated case, it’s not a general thing.

“We have maintained a fair degree of regeneration in the borough, but obviously some schemes are being affected.

“There has been a reduction in the number of apartments being built. There was a peak period when lots were being built and that is probably why this particular scheme is struggling.”

Councillor Badham added: “People are turning to more traditional housing now rather than apartments.

“We would encourage the owner to look at other developments. It is an important site in Tipton and we would encourage him to talk to planning officers to see what other schemes might be more attractive in the present circumstances.”