Yet another reason why I am glad I don’t have a television set is that there is no chance I will have to watch financially illiterate debt-pushers peddle their poison in my living room. These people are destroying young lives. If I had bought a place to live when I moved to Cambridge to start my first “permanent” job I would now be struggling to sell into a falling market a depreciating asset on which I had paid thousands of pounds of interest. Instead I currently have several bulging bank accounts. Though I will resent the inconvenience and the rip-off charges involved with moving away from this town and into a flat in another one, they are nothing compared to the transaction costs that would have gone with my selling up. Here is my advice for first-time buyers: Don’t. It’s a journalistic cliché, but Merryn Somerset Webb put it well in the Times: “Buying is the new dead money“.