A Panglossian interpretation of the latest Scottish housing figures might at first glance appear a perverse exercise, given the headline figures. According to Registers Scotland, which records every housing transaction in this country, the market contracted by nearly £900m in the second quarter of this year. The figures, published yesterday, also show that the number of properties to change hands fell by almost 20% compared with the same period last year. Ample evidence of more doom and gloom to pile on the agony for prospective housebuyers, sellers and those striving to put a foot on the property ladder, then?

A Panglossian interpretation of the latest Scottish housing figures might at first glance appear a perverse exercise, given the headline figures. According to Registers Scotland, which records every housing transaction in this country, the market contracted by nearly £900m in the second quarter of this year. The figures, published yesterday, also show that the number of properties to change hands fell by almost 20% compared with the same period last year. Ample evidence of more doom and gloom to pile on the agony for prospective housebuyers, sellers and those striving to put a foot on the property ladder, then?

Not entirely. While "brickormortis" is having an impact on housebuilders, first-time buyers, those on lower incomes, estate agents and, to an extent, lenders, the figures show that the situation might not be as bad it appears; certainly to those doomsayers competing to portray the outlook as bleakly as possible. The Registers Scotland report also shows that the average house price rose in the second quarter to more than £155,000. True, properties that did change hands took longer to do so. But higher house prices are a bright spot in the midst of the gloom. The figures are for only one quarter but it is normally a very active three months in the property sector.

That the underlying value of property continues to rise in difficult times suggests there is something concrete to build on for the future. The figures point to an underlying strength in the Scottish housing market. There were regional variations, with falls in some areas and increases elsewhere. But the overall picture points to less volatility than in England, where the property boom resulted in a greater degree of overheating and a correction that is turning out to be more severe and serious in its implications for houseowners, prospective first-time buyers and housebuilders (Taylor Wimpey yesterday reported a massive loss of £1.54bn in the six months to the end of June as lower land values and the cost of cutting hundreds of jobs in Britain took their toll). There are challenging times ahead but the new figures for house prices suggest Scotland is better placed to recover - and, perhaps, to do so at a faster rate - than elsewhere. There appears to be a resilience to build on, responsibly.