One of the most expensive new homes in South Staffordshire is to have its £1.6 million price tag slashed after failing to attract a buyer, it was revealed today.

The five-bedroom luxury home named Manesty, located in the exclusive Perton Ridge area near Wolverhampton, boasts stunning views of rolling hills and an outdoor swimming pool.

It was put on the market in a September for £1.625m and within a week, 12 prospective buyers enjoyed the first look inside. The estate agent which owns the property confirmed the move.

With no-one so far willing to pay the asking price, principal agent Glyn Harvey, of Thomas Harvey estate agents in Tettenhall, said: “We will be reducing the price in the New Year but we haven’t decided on a price yet.”

Manesty, which stands in Pattingham Road, was built by Perton-based builder Dave Morgan, who specialises in luxury houses.

The split-level three-storey house has floor-to-ceiling windows and is accessed via its own private drive through cast iron gates. All of its bedrooms are en suite and there is also a large family bathroom.

The master suite has its own dressing area and balcony and it is floored throughout in both wood and marble.

Other features include a large lounge and open fire, a study, gym, wet area and sauna, snug, library, entrance hall, cloakroom, kitchen, laundry, dining room, garage and two rear terraces.

News of the imminent price reduction comes as research reveals the housing boom has created an army of so-called property millionaires, who paid at least seven figures for their home in the last 15 years.

After analysing land registry data in England and Wales, HSBC bank discovered that more than 43,400 people spent more than £1m on their main home since 1995.

The fall indicates that most millionaires have decided to stay put, recognising that the value of their homes will be depressed because would-be buyers would have difficulty raising cash.

Earlier this month, Zoopla.com claimed the number of owners sitting in £1m homes had plunged from 283,000 in November 2007 to just over 183,000 today.