In 2025, 84.3% of house sales in Nottingham were at or under £300,000, the price up to which an eligible first-time buyer in England pays no Stamp Duty Land Tax (SDLT). In London the figure was 1.7%. For flats the order flips: 18.8% of London flat sales were at or under the line, against between 64.3% (Bristol) and 94.3% (Leeds) in the other eight areas. The same statutory number therefore marks a flat market in London and Bristol and a house market in the seven other cities compared here.
Postcode sectors show the split more sharply. Of London's 788 sectors with at least 30 sales, 5 (0.6%) had a median at or under £300,000, and flats were the majority of sales in all 5. In Nottingham 31 of 32 did, and in 27 of the 30 sectors with enough house sales the house median was itself at or under the line. In London none of 538 was.
The figures are HM Land Registry Price Paid Data for standard-price-paid (category A) sales of detached, semi-detached and terraced houses and flats between 1 January and 31 December 2025, fetched on 25 September 2026: 133,437 sales across nine areas. "City" here means a local-authority area: Greater London's 33 authorities together, plus the city councils of Bristol, Manchester, Leeds, Birmingham, Newcastle upon Tyne, Sheffield, Liverpool and Nottingham, so a council boundary, not the built-up area, sets each sample. A postcode sector is the outcode plus the first digit of the incode, so "M20 3" is a neighbourhood-sized slice of M20; a sector counts as measured with at least 30 sales. This guide extends London, Bristol and South Gloucestershire to seven more cities and re-runs the first two on the same day. Counts are higher than in guides fetched earlier because the register keeps filling in: Birmingham's foothold sectors used 9,588 sales, and the file now holds 9,772.
What the £300,000 line means
In England, first-time buyer relief charges 0% on the first £300,000 and 5% on the slice from £300,001 to £500,000, and is not available above £500,000. Everyone buying has to be a first-time buyer (HMRC). At £500,000 the SDLT bill is £10,000; at £500,001 it is £15,000.05, the same as at standard rates (Homecost calculator, 25 September 2026). The mechanics are in Stamp Duty first-time buyer relief explained and the £300k to £500k taper. Until 31 March 2025 the ceiling was £425,000 (HMRC), so this guide tests every 2025 price against today's £300,000 line, not the rules in force at each completion; the April to December figures, wholly under the current rules, are the cleaner cut. A price at or under £300,000 is a comparison with the line, not a statement that any particular sale qualified. Wales and Scotland run their own regimes and are outside this guide (SDLT, LBTT and LTT compared).
Nine places, one line
| Area | Sales | Median | House median | Flat median | Flats' share of sales | At or under £300,000: all sales | At or under £300,000: house sales | At or under £300,000: flat sales |
|---|---|---|---|---|---|---|---|---|
| London (33 authorities) | 84,850 | £530,000 | £628,507 | £442,000 | 51.4% | 10.5% | 1.7% | 18.8% |
| Bristol | 6,211 | £350,000 | £380,000 | £265,000 | 30.3% | 34.5% | 21.5% | 64.3% |
| Manchester | 4,823 | £251,500 | £278,000 | £217,500 | 37.1% | 66.1% | 57.4% | 80.8% |
| Leeds | 10,208 | £249,000 | £260,000 | £155,000 | 12.7% | 67.2% | 63.3% | 94.3% |
| Birmingham | 9,772 | £238,000 | £250,000 | £155,000 | 18.2% | 72.2% | 68.0% | 90.9% |
| Newcastle upon Tyne | 3,558 | £207,525 | £230,000 | £154,075 | 21.7% | 73.5% | 68.3% | 92.2% |
| Sheffield | 6,337 | £220,000 | £230,000 | £140,000 | 13.1% | 73.4% | 70.6% | 91.9% |
| Liverpool | 4,796 | £182,000 | £195,000 | £150,000 | 20.7% | 81.4% | 78.4% | 92.8% |
| Nottingham | 2,882 | £200,000 | £210,000 | £140,000 | 12.4% | 85.4% | 84.3% | 93.3% |
Houses are detached, semi-detached and terraced sales together. Areas are ordered by the share of house sales at or under £300,000.
London's median was £530,000 and its house median £628,507; flats, 51.4% of sales, had a median of £442,000, above the line, so only 18.8% of flat sales came in under it. Bristol (median £350,000) sits between: houses £380,000 with 21.5% at or under £300,000, flats £265,000 with 64.3%. In the other seven the house median was below the line everywhere, from £195,000 in Liverpool to £278,000 in Manchester, and 57.4% (Manchester) to 84.3% (Nottingham) of house sales were at or under it. Flats were on the cheaper side of the line in every area but London: in the seven, 80.8% to 94.3% of flat sales were at or under £300,000. Flats therefore do not separate the seven cities from one another; the house market does. Manchester has the highest flat share of the seven (37.1%) and the lowest house share at or under the line (57.4%).
Where the relief applies
| Area | At or under £300,000 | £300,001 to £500,000 | Over £500,000 | Median price | SDLT at the median: eligible first-time buyer | SDLT at the median: standard rates |
|---|---|---|---|---|---|---|
| London (33 authorities) | 10.5% | 35.4% | 54.1% | £530,000 | £16,500 | £16,500 |
| Bristol | 34.5% | 46.6% | 18.9% | £350,000 | £2,500 | £7,500 |
| Manchester | 66.1% | 26.1% | 7.8% | £251,500 | £0 | £2,575 |
| Leeds | 67.2% | 24.4% | 8.4% | £249,000 | £0 | £2,480 |
| Birmingham | 72.2% | 21.3% | 6.5% | £238,000 | £0 | £2,260 |
| Newcastle upon Tyne | 73.5% | 21.0% | 5.5% | £207,525 | £0 | £1,651 |
| Sheffield | 73.4% | 19.3% | 7.3% | £220,000 | £0 | £1,900 |
| Liverpool | 81.4% | 13.9% | 4.7% | £182,000 | £0 | £1,140 |
| Nottingham | 85.4% | 12.0% | 2.5% | £200,000 | £0 | £1,500 |
SDLT at each area's median price for a main-residence purchase in England; figures from the Homecost calculator, 25 September 2026. The medians describe sales, not any individual home.
In London 54.1% of 2025 sales were over £500,000, where relief is withdrawn entirely, and a further 35.4% were in the £300,001 to £500,000 band; at the £530,000 median the bill is £16,500 whether or not the buyer is a first-time buyer. At Bristol's £350,000 median an eligible first-time buyer owes £2,500 against £7,500 at standard rates. In the seven other cities the median sits inside the nil-rate band: an eligible first-time buyer owes £0 there, against £1,140 (Liverpool) to £2,575 (Manchester) at standard rates. Only 2.5% of Nottingham's sales were over £500,000.
Sectors: the split matters more than the list
| Area | Sectors measured | Median at or under £300,000 | House-led | Mixed | Flat-led | House median at or under £300,000 (sectors with 30+ house sales) |
|---|---|---|---|---|---|---|
| London (33 authorities) | 788 | 5 (1%) | 0 | 4 | 1 | 0 of 538 |
| Bristol | 52 | 12 (23%) | 8 | 0 | 4 | 5 of 44 |
| Manchester | 57 | 45 (79%) | 28 | 7 | 10 | 29 of 43 |
| Leeds | 90 | 66 (73%) | 55 | 8 | 3 | 55 of 84 |
| Birmingham | 92 | 73 (79%) | 58 | 8 | 7 | 58 of 81 |
| Newcastle upon Tyne | 29 | 25 (86%) | 19 | 6 | 0 | 20 of 26 |
| Sheffield | 58 | 46 (79%) | 42 | 2 | 2 | 41 of 53 |
| Liverpool | 61 | 51 (84%) | 41 | 4 | 6 | 39 of 49 |
| Nottingham | 32 | 31 (97%) | 28 | 3 | 0 | 27 of 30 |
House-led means flats were under 25% of a sector's 2025 sales, flat-led 75% or more, mixed in between. Sectors with a median at or under £300,000 need at least 30 sales; the last column counts only sectors with at least 30 house sales.
Across the seven cities, 337 of 419 measured sectors (80%) had a median at or under £300,000, from 73% in Leeds to 97% in Nottingham. Of those 337, 271 (80%) were house-led, 38 mixed and 28 flat-led, and flats were 17% of the 30,181 sales in them. In London the same test picked out 5 sectors, all flat-majority (flats 54.5% to 84.6% of sales, 66% of the 376 sales in them); in Bristol it picked out 12, 8 house-led and 4 flat-led, as Bristol's districts found.
The house test is the one that separates the areas. Among sectors with enough house sales, 5 of 44 in Bristol and none of 538 in London had a house median at or under £300,000, against 29 of 43 in Manchester, 55 of 84 in Leeds, 58 of 81 in Birmingham, 20 of 26 in Newcastle upon Tyne, 41 of 53 in Sheffield, 39 of 49 in Liverpool and 27 of 30 in Nottingham. In London's five sectors the house median was above the line in the two with 30 or more house sales (£382,500 in CR0 2 and £460,000 in RM1 2); in the other three there were only 8 to 12 house sales, too few to rank.
In the seven cities, 20 sectors reached the line only because of flats: their all-type median was at or under £300,000 while a measurable house median was above it. That is 6% of the 337 sectors at or under the line, while 269 had a house median at or under £300,000 too. The remaining 48 had fewer than 30 house sales, so their house medians are not tested: 28 of them were flat-led, 17 mixed and 3 house-led.
Where a flat market meets the line
| Area | Flat-led sectors at or under £300,000 | Sectors | Sales | Median range | New-build share of sales |
|---|---|---|---|---|---|
| London (33 authorities) | 1 | IG11 8 | 52 | £250,000 | 0% |
| Bristol | 4 | BS2 8, BS2 0, BS1 5, BS1 6 | 287 | £241,500 to £300,000 | 2% |
| Manchester | 10 | M4 7, M4 1, M3 4, M15 4, M1 3, M1 5, M4 4, M1 2, M4 5, M4 6 | 871 | £200,000 to £293,500 | 12% |
| Birmingham | 7 | B3 1, B1 1, B5 4, B5 7, B1 2, B1 3, B12 0 | 396 | £201,250 to £259,500 | 48% |
| Liverpool | 6 | L3 6, L1 8, L1 5, L3 4, L17 8, L3 0 | 376 | £142,500 to £239,861 | 33% |
| Leeds | 3 | LS9 8, LS10 1, LS1 4 | 183 | £170,950 to £250,000 | 9% |
| Sheffield | 2 | S1 4, S3 8 | 104 | £139,000 to £144,500 | 15% |
| Newcastle upon Tyne | 0 | none | 0 | n/a | n/a |
| Nottingham | 0 | none | 0 | n/a | n/a |
New-build share counts sales flagged as new-build by the Land Registry; registrations lag, so recent new-build counts may be understated.
Manchester has the most flat-led sectors at or under the line of the seven (10), and flats were 40% of the 3,193 sales in its 45 sectors at or under £300,000, the highest of the seven. Birmingham has 7, Liverpool 6, Leeds 3, Sheffield 2, and Newcastle upon Tyne and Nottingham none. Across the 28 flat-led sectors in the seven cities, 96% of sales were leasehold and sector medians ran from £139,000 to £293,500, but new-build sales can shape them: 48% of the 396 sales in Birmingham's seven flat-led sectors and 33% of the 376 in Liverpool's six were flagged new-build. City-centre flat markets are covered in Manchester, Birmingham and Leeds.
How firm is the line?
| Area | 2024 | 2025 | April to December 2025 | 2025 list also at or under £300,000 in both other periods | 2025 at or under the old £425,000 ceiling | Share of that list above £300,000 |
|---|---|---|---|---|---|---|
| London (33 authorities) | 7 of 795 | 5 of 788 | 4 of 723 | 2 of 3 | 136 of 788 | 96% |
| Bristol | 13 of 51 | 12 of 52 | 13 of 50 | 8 of 12 | 45 of 52 | 73% |
| Manchester | 42 of 55 | 45 of 57 | 35 of 47 | 33 of 36 | 54 of 57 | 17% |
| Leeds | 67 of 90 | 66 of 90 | 64 of 86 | 61 of 63 | 85 of 90 | 22% |
| Birmingham | 78 of 93 | 73 of 92 | 64 of 81 | 62 of 64 | 89 of 92 | 18% |
| Newcastle upon Tyne | 26 of 30 | 25 of 29 | 22 of 25 | 21 of 21 | 29 of 29 | 14% |
| Sheffield | 51 of 62 | 46 of 58 | 41 of 52 | 41 of 41 | 56 of 58 | 18% |
| Liverpool | 55 of 61 | 51 of 61 | 24 of 28 | 20 of 20 | 59 of 61 | 14% |
| Nottingham | 31 of 32 | 31 of 32 | 26 of 27 | 25 of 26 | 32 of 32 | 3% |
Sector medians need at least 30 sales in each period, so fewer sectors are measured in the shorter periods. April to December 2025 falls wholly under the current relief rules.
Where most sectors sit well below the line, the list barely moves. In the seven cities, 263 of the 271 sectors at or under £300,000 in 2025 (and measured in all three periods) were also at or under it in both 2024 and April to December 2025 (97%). In Bristol the figure was 8 of 12 and in London 2 of 3, so those lists are far less stable; Bristol also had 4 sectors with a median of exactly £300,000. The April 2025 change shows the same contrast: against the old £425,000 ceiling, 136 of London's 788 measured sectors and 45 of Bristol's 52 had a median at or under it, and of those 96% and 73% have a median above £300,000. In the seven cities that share ranged from 3% (Nottingham) to 22% (Leeds). First-time buyer relief before and after April 2025 shows the same shift by council area.
Council boundaries and scope
Each area is counted from postcodes inside the council, and postcode sectors do not follow council boundaries. Of Nottingham's 32 measured sectors, 6 had less than 90% of their 2025 sales inside the city council; only 30 of the 171 sales in NG3 6 were. For the eight areas outside Greater London, widening from the council slice to the whole sector would move three sectors at or under the line above it: B75 7 in Birmingham (£298,750 to £315,000), B45 8 (£230,000 to £321,000, with 76 of 180 sales inside the council) and NG8 2 in Nottingham (£300,000 to £306,000, 132 of 136 sales inside). One sector moves the other way: Bristol's BS15 8 is £305,000 in the council slice and £290,000 across the whole sector, as the South Gloucestershire guide found. No other measured sector's median crosses the line. Because the samples are council areas, these figures do not describe the wider city regions, and Nottingham's 2,882 sales, the smallest sample of the nine, make its percentages the most sensitive to a handful of sales.
Buying cost is not running cost
Buying cost and running cost do not move together. Nottingham and Liverpool, the two cities with the highest shares of house sales at or under the line, both have 2026-27 Band D bills above the mean for England's 296 authorities (£2,410.97): £2,755.39 and £2,673.59. Manchester (£2,312.04) and Leeds (£2,283.73) are below it, and London's 33 authorities run from £1,028.21 (Wandsworth) to £2,609.20 (Kingston upon Thames). Band D is a benchmark, not a typical bill: what a household pays depends on the property's band, A to H, set from 1991 values in England (Valuation Office Agency, via gov.uk). The £300k home cost breakdown puts stamp duty next to council tax and the other running costs.
What this does and does not show
These are prices paid, taken from the public record; a sector median is not a price for any home and this guide does not value property or recommend where to buy. Relief depends on the buyer's circumstances and the purchase, and the rules can change. Related guides: what first-time buyer relief is worth by city, first-time buyer stamp duty in England's metropolitan boroughs and how many 2025 buyers got the full relief. This is general information, not advice. Speak to a qualified adviser before acting.
Try it: look up a postcode in a house-led sector, S8 8QQ in Sheffield, or in a mixed one, M20 3FP in Manchester, or run any price through the stamp duty calculator. More data guides are under Market Analysis and on the Homecost blog.
Based on 133,437 HM Land Registry sales in 2025 across nine areas and 2026-27 council tax Band D, fetched 25 September 2026. More on sources and method on the Homecost blog.