Pidgley, who founded the company and has been its managing director for 33 years, will be succeeded as managing director by finance director Rob Perrins. The current chairman, Victoria Mitchell, will become deputy chairman.

The news was announced as Berkeley unveiled its full year results to April which delivered profit before tax of £120.4m, down from £194.3m in 2008.

Pidgley said the firm was well positioned with net cash of £284m to buy land at the bottom of the market, and would seek to do so.