The average deposit for a first-time buyer is a staggering £53,414, equating to 19% of the purchase price. House prices are currently balanced, rising just 0.4% this year so far but mortgage affordability has continued to be a prominent challenge and house prices are expected to see moderate rises through the end of 2024 and into 2025.
Amid the housing supply shortage in the UK and the ongoing struggle to get on the property ladder, the experts at City Index turned to ChatGPT to find out the predicted UK house prices by 2124 and how much homeowners would need to pay upfront according to AI.
| Region | Current Average House Price (2024) | Average Salary 2124* | Average House Price in 2124* | Future Deposit (20%) |
| London | £523k | £769k | £10M | £2M |
| South East | £376k | £554k | £5.9M | £1.2M |
| East of England | £338k | £417k | £4.4M | £880K |
| South West | £318k | £354k | £3.8M | £752K |
| West Midlands | £251k | £300k | £2.7M | £537K |
| East Midlands | £246k | £262k | £2.4M | £477K |
| Wales | £216k | £272k | £2.1M | £420K |
| North West | £218k | £208k | £1.7M | £348K |
| Scotland | £191k | £256k | £1.7M | £337K |
| Yorkshire and The Humber | £209k | £264k | £1.7M | £335K |
| Northern Ireland | £178k | £217k | £1.3M | £259K |
| North East | £162k | £181k | £1.2M | £234K |
*rounded to nearest £100k or £1k
AI predicts that the average UK house price in 2124 will be £3.2 million and the average salary could be £338k – 9.6 times less than the average house price – similar to the current ratio faced by Brits.
According to Chatgpt, London stands in front with the predicted average house price of a whopping £10 million, future buyers would need to save around £2 million if putting down a 20% deposit. AI also predicts that the average Londoner would earn around £769k per year in 2124, which is roughly 13 times less than the average house value compared to 12 times currently within the area.2
The South East is forecasted by ChatGPT to be the second most expensive region for house purchases in 2124, with the average sale price standing at £5.9 million and requiring around a £1.2 million deposit. The estimated annual salary in the South East according to ChatGPT will be £554k per year making the cost of a home 11 times more than the average earnings.
Meanwhile, in the East of England, the average house price is predicted to be £4.4 million with a deposit forecasted to cost around £880k. The average salary is predicted to be £417k, nearly 11 times less than the average house price.
On the other end of the spectrum, the AI outlook suggests that Brits in the North East are predicted to pay£1.2 million. North East residents could find themselves putting down a £234k deposit in 100 years time, according to ChatGPT. The average salary in the area is predicted to be £181k per annum, making the houses 6.5 times the annual salary.
