Neville caught out by crunch

21/11/2008

Although being replete with splendour, Phil Neville's luxury home in Manchester has failed to attract a single bidder in the seven months it has been on the market, it has been claimed.

The Manchester Evening News reports that while the mansion exudes extravagance from the personalised wrought iron gates to the gold-finished bedroom, it seems that the credit crunch is keeping buyers away.

After seven months and no offers, the ex-Manchester United player is being forced to cut the asking price from £4 million to £3.5 million, with property experts claiming that it proves no one is immune from the current downturn.

"Most regions are affected by similar factors and most price brackets. All homes are being affected by the same thing, the lack of mortgage finance," explained celebrity property expert Phil Spencer.

Elsewhere, BBC star Jonathan Ross last month showed that he was as yet unconcerned by the credit crunch, hosting a lavish party at his home in north London.

A set of large ornamental wooden gates were installed to make a big impression on the many famous guests invited to attend.