England have been docked two World Test Championship points and fined 40 per cent of their match fee for their slow over-rate in the thrilling second Test win over New Zealand at Trent Bridge.

Jonny Bairstow made a sensational century as the hosts chased down 298 on an exhilarating day in Nottingham, with the Yorkshire batsman scoring the second-fastest Test century by an England batsman.

That sealed a series victory for Ben Stokes' men but the ICC has announced the hosts have been penalised important points from their World Test Championship tally after Richie Richardson of the Emirates ICC Elite Panel of Match Referees ruled England were two overs short of the target.

England's tally rose to 42 after their remarkable triumph but now sit eighth in the standings after a two-point penalty, with Article 16.11.2 of the ICC World Test Championship playing conditions stating a side is penalised one point for each over short.

England's players were also fined 40 per cent of their match fee for the slow over rate, with Article 2.22 of the ICC Code of Conduct stating players are fined 20 per cent of their match fee for every over their team fails to bowl in the allotted time.

England captain Ben Stokes pleaded guilty to the charges levelled by on-field umpires Michael Gough and Paul Reiffel, third umpire Rod Tucker and fourth umpire Martin Saggers, and accepted the proposed sanction, so there was no need for a formal hearing.

The sanctions put a slight dampener on England's brilliant victory in Nottingham, where they were tasked with chasing New Zealand's tally of 298 runs in less than three sessions and emerged triumphant with a run rate of just above four an over.

England needed 160 in the final session, with Bairstow's exceptional display seeing him hit a century off 77 balls and finished with 136 off 92.

Having won the first contest at Lord's, England will aim to complete a 3-0 whitewash in the final Test at Headingley, which starts on June 23.