A savvy tech user has tested artificial intelligence to see how good it is with the property market and asked it to help her buy a £400k house - but she's been warned to not pay attention to the advice.
AI can do it all, from writing university essays to running a business, and it could very well be coming for our jobs - but what about estate agents, how safe are they?
One writer was determined to find out so they gave ChatGPT the task of saving for their dream home, and gave it a series of real-word financial responsibilities - like a student loan and credit card debt.
And it turns out the AI bot can come up with a pretty good plan for saving for a home - but soon experts warned against trusting the advice.
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Documenting the process on Fortune Recommends, Ivana Pino asked ChatGPT to help them buy their dream house and gave them the goal of buying a £408,000 ($500,000) house in just five years.
Soon, the bot responded: "Based on the information provided, it's important to focus on reducing high-interest debt first before saving for a home purchase. Here are some steps you can take:
"Prioritise paying off your credit card debt as soon as possible. Credit card interest rates are typically much higher than other types of debt, and carrying a balance can quickly add up over time. Try to pay more than the minimum payment each month to make faster progress on paying off this debt."
"Consider refinancing or consolidating your federal student loan debt to a lower interest rate. This can help you save money on interest over time and reduce your monthly payments.
"Build up an emergency fund with at least three to six months of living expenses. This will help you cover unexpected expenses without going into debt and ensure that you're financially stable before taking on a mortgage.
"Once you have paid off your credit card debt and have a sufficient emergency fund, start saving for your home purchase.
"It's recommended to save at least 20 per cent of the home price for a down payment to avoid paying private mortgage insurance (PMI).
"Consider reducing your monthly expenses, such as finding a more affordable place to live or cutting back on discretionary spending, to free up more money for debt repayment and savings.
"Based on your current savings account balance and recurring monthly expenses, it may be challenging to save enough for a $500,000 home purchase within the next five years. However, by prioritising debt repayment and reducing expenses, you can make progress towards your goal."
The writer then compared the advice against experts, including Kyle McIntyre, head of AI Engineering at Quiq, a conversational AI and business messaging platform.
He said: "AI is sometimes biased and wrong. It is primarily a function of the data it was trained on, which is why fine-tuning may be especially necessary in domains such as financial advice.
"Recent advances in AI involve taking such models and further subjecting them to 'fine-tuning' with human feedback, wherein humans teach the AI how to perform useful tasks and rank responses. This teaches the AI how to leverage its core language knowledge to perform more useful tasks.
"It's important to remember that ChatGPT was trained to be creative and to generate human-like text - It wasn't necessarily trained to be right, as preeminent machine learning researcher Andrew Ng amusingly pointed out."
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