Almost a fifth of an affordable homes fund, which aims to help first-time buyers get on the property ladder, has been left unspent by the Scottish Government, The Scotsman has reported.

Last year, SNP ministers unveiled a £40m fund for its shared equity scheme, which sees cash earmarked for buyers in return for a government stake in a property but it has now been revealed that £7.7m of the fund for 2012/13 was not used.

Under the scheme, first-time buyers receive money in return for holding a security over the proportion which it funded. When the time comes to sell the property, the Scottish Government will receive the value at the time of sale of the percentage equity that is state-funded.

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Commenting on the figures, Tory Finance spokesman Gavin Brown is quoted as saying: "This is a failure to support those aspiring to get on the housing ladder, and shows the Scottish Government did not do enough to make people aware and get them involved in this initiative.

"It has let potential homeowners down and Scotland deserves an explanation for this."

The results come at a time when the country's housing crisis has escalated with the number of homes being built now at a 65-year low.

In 2012, 14,877 homes - including private and social housing - were built. This is a of more than 42% on 2007 levels, according to industry body Homes for Scotland.

A spokeswoman for the Scottish Government said: "We are doing all we can to help credit-worthy buyers to buy their first home or move up the property ladder.

"That is why last week we announced an additional £62m for our open market shared equity scheme over the next two years to help first time buyers to get a foot on to the property ladder."

(JP)