I have to agree with Flynn. This is the best tactic, even for the new patch.
In the Norwich game, I ended 3rd, 8th and 1st in the Premier League with buying a lot of very young players, and became league winner with an average age of 19 years.
After that I started a game with Liverpool and won the Premier League, FA Cup and Champions League in the 1st season without buying any player.
With the new patch I started again with Norwich, didn't buy any player, and won the Championship with a record of 116 points. It's even getting better with the new patch!!