FROM the P and J initials on the wrought iron driveway gates to the gold-finished bedroom, the home of footballer Phil Neville oozes extravagance.

But it appears that even the wealthy rich and famous have been bitten by the credit crunch.

The sprawling six-bedroom mansion near Rawtenstall on the moorland outskirts of Greater Manchester has been on the market for seven months... but its celebrity status has so far failed to attract a single buyer.

Now ex-Manchester United footballer Phil and his wife Julie have been forced to slash the price tag for Sunnyside House by half a million pounds - from £4m to £3.5m.

Property experts say today (fri) no one is immune from the falling housing market. Channel 4's Location, Location, Location's Phil Spencer said the Neville's would have had a better chance of raising £4m completing a sale at the initial asking price if they hadn't have personalised it. their home.

The TV presenter said: "With it being a bit gaudy and personalised, someone buying that would be almost obliged to be changing it. "

Anyone spending £4m or £5m is highly likely to make their own stamp on it. Someone spending that amount of money will want to do their own thing. "

Dating from around the 1700s the property, in Crawshawbooth, Rossendale, is a former conference centre and is described by the family's estate agents as an 'elegant haven' and the 'epitome of modern-day living'.

The Grade II listed building, for which Everton captain Phil and Julie were denied permission to build a swimming pool - boasts four reception rooms, a fitness room, manicured landscaped gardens and a tennis court.

A stalactite ceiling looms high over a 16-seat dining table and a private bar features in the living room. Carpets and the entrance foyer are adorned with the couple's P and J initials.

Mr Spencer said that despite the extravagance, the Neville's are only experiencing a misery being faced across the country.

He said: "The market is falling and it is clear to see. There is no getting away from the fact. Different statistics say different things and there are many reasons for that. It is a difficult time for people wanting to sell their homes. Transactions have more than halved.

"In a normal year, 1.2 million people will move home. This year it will be around 600,000, which is a massive drop. 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."

He said the Neville's initial ?4m asking price might have been extreme, but said the couple were 'doing the correct thing' by dropping the price.

Mr Spencer said: "An asking price is not a valuation. That price is what Phil and Julie and the estate agent think they can get away with. There are a few hopes and expectations added on.

"I would say that the figure is what it is because it was Phil Neville's house. The £4m might have been a bit extreme to begin with and it may now be quite accurate. They are doing the correct thing."

The Neville's paid £600,000 for Sunnyside House nine years ago and converted it in a mammoth project. They now live with their two children in apartments in Beetham Tower in Manchester city centre.

Sunnyside House is for sale with estate agent Knight Frank. The company's Harrogate office, which is handling the sale, would only confirm the new guide price of £3,500,000.