Monday newspaper round-up: House prices, UK manufacturers, Asda

House prices in Great Britain hit a record high in June but are likely to start falling during the next few months as five interest rate rises and a worsening cost of living crisis finally start to put the brakes on the property market’s record-breaking run, according to Rightmove. The property website said asking prices hit a record for a fifth consecutive month in June, rising by 0.3% – or £1,113 – to reach £368,614. However, this was the smallest monthly increase since January, with the site saying: “The exceptional pace of the market is easing a little.” - Guardian

British manufacturers have called on the Treasury to urgently provide more support amid a poor economic outlook to help “weather the immediate storm”. Make UK, the trade body for manufacturers, and the consultancy BDO found that costs were continuing to rise and output opportunities had been stifled. - Guardian

Germany is to reopen mothballed coal power plants to combat high gas prices, piling pressure on Boris Johnson to cut taxes on household energy bills. The German government will pass emergency laws to reactivate the coal plants as Europe takes steps to deal with reduced energy supplies from Russia. The announcement on Sunday came as part of a series of measures, including new incentives for companies to burn less natural gas. - Telegraph

The highly leveraged £6.8 billion takeover of Asda resulted in the supermarket paying £375.1 million in interest last year, new accounts have shown. Asda’s new owners are yet to take any dividends from the business, but, as a result of the £4.06 billion of debt used to finance their takeover, the company has paid £202 million of interest on external debt, £106 million on its lease liabilities, £56 million on intercompany loans and £2 million of additional undisclosed interest payments, according to Companies House filings from the owners’ Bellis Finco vehicle. - The Times

More than 6.5 million people plan to quit their jobs within the next year as they search for better pay and benefits and an improved work/life balance. Worsening staff shortages have forced companies to pay staff more, as well as to offer improved training and other incentives in the battle for talent. - The Times