Millions warned they will never own a home

AP Photo/Sang Tan

Millions of young people and families were yesterday warned they may never be able to buy their own home.

Talking at the Council of Mortgage Lenders (CML) conference in London, Paul Smee, the new director general of the CML, said many will spend far longer renting than they imagined and that home ownership was an 'unrealistic assumption' for many people.