Over 1 in 10 (12%) of Londoners yet to own a home says Chat GPT is one of their top three preferred tools to search for a home to buy - 4% higher than the national average - according to new data from a survey* by first-time buyer developer of choice, Fairview New Homes.

The data also showed that 11% of adults in London yet to own a home prefer to search for properties using Instagram, almost double the national average of 6%, however ChatGPT was still preferred over both Instagram and TikTok (9%) amongst Londoners.

Sales & Marketing Director at Fairview New Homes, Chris Hood, said: “Last year we started to receive anecdotal reports that some of our visitors were discovering our developments via AI search tools such as ChatGPT, so we wanted to understand the extent to which buyers actually prefer this as a discovery and research tool for home buying.

Using AI search tools can be a great way to source homes available against your set criteria such as nearby transport links, amenities or schools, but I would encourage first-time buyers to do their due diligence for a purchase as significant as a property. Take the time to research and visit the property and area as well as reviewing all of your options beyond those identified by AI search tools as we know they may not always have the most accurate and up-to-date information.

“Not only will a professional such as sales representatives and estate agents be able to offer helpful advice unique to their experience and expertise, but they may have properties available that are yet to be released to the market therefore invisible to AI.”

The survey was responded to by 2,000 UK adults aged 18-45 yet to own their own home, with respondents to the below question allowed to select up to three options.

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Despite ChatGPT being preferred to Instagram and TikTok amongst would-be first-time buyers in London, the AI tool is still not as established as a search method in comparison to Google, seller websites e.g. property developers, estate agents or home search websites like Rightmove, Fairview's survey revealed. The latter two are perhaps unsurprisingly the most popular, with 48% of respondents selecting either option.

Confidence amongst AI users

The survey revealed that 21% of national respondents who said they were confident they could purchase their first home in the next two years selected ChatGPT as a preferred method of search, compared to just 12% who were not confident.

The data also shows that 41% of the UK's prospective first-time buyers are confident they can buy their first home within two years – a 9% increase from 2023.

Chris Hood continued: “For the past five years we've been on a mission to help educate first-time buyers on the home buying process and to empower them to get on the property ladder. As people become more confident and experienced with their use of AI searching we're optimistic about the ability for buyers to not only discover Fairview properties, but to find helpful and educational information that will help kick-start their journey to homeownership.”

Fairview has a number of homes for sale in and around London perfect for first-time buyers, with guide prices starting from as little as £299,000. Find out more at: https://www.fairview.co.uk/developments/