BerkeleyÂ's Tony Pidgely takes £31m despite downturn

Bosses at house builder Berkeley are to take home £60 million of bonuses this year, according to the latest reports. <br/>

Bosses at house builder Berkeley are to take home £60 million of bonuses this year, according to the latest reports.

Rumoured to be paying himself £31 million, Berkeley Group chief executive Tony Pidgely could be paying the directors such a high figure in order to quash the notion that the housing market is in decline.

Mr Pidgely will share the reported £60 million with three other directors - financedirector Rob Perrins will receive £12 million and Tony Carey and Greg Fry will receive £9 and £6 million respectively.

The announcement comes as major house builder Persimmon announced that it has laid off a total of 1,100 employees since the beginning of the year.

With a 31 per cent drop in sales and reservations almost halved during the first half of the year Persimmon is not untypical of house builders, who have been hit hard by both the credit crunch and the rise in fuel and material costs.

Employment is one issue that looks uncertain in the housing industry, with Persimmon reporting a reduction in profit margin of 14 per cent, despite house prices coming down just four per cent.