This was above the previous six-month average of £0.6bn and gave a monthly increase of 0.1%.

The 12-month growth rate remained unchanged at 0.8%, while the three-month annualised growth rate increased by 0.5% to 0.9%.

The number of mortgage approvals remained largely unchanged across the board.

Approvals for house purchase numbered 47,185 in October compared to 47,369 in September and remained down on the previous six-month average of 48,503.

Remortgage approvals were 29,275 in October compared to 29,019 in September and up on the previous six-month average of 27,248, while approvals for other purposes were again little changed to September at 23,469, down on the previous six-month average of 24,433.

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The values of approvals for house purchase, remortgaging and other purposes remained unchanged on the previous month at £6.6bn, £3.8bn and £0.7bn respectively.

BoE figures showed that total lending to individuals increased by 0.1% to £1.3bn in October, with the annual rate of growth increasing 0.1% to 0.8% and the three-month annualised growth rate rising 0.4% to 0.8%.

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “House purchases are very flat at present, probably the flattest they have been since the darkest days of the recession. Until people are more confident about their personal circumstances and finances, there is unlikely to be much change on this front and the property market will continue to stagnate.”

He added: “Product numbers now are the highest since the economic downturn began but the vast majority of loans are at 75% LTV or below. There is far less choice between 75% LTV and 90% LTV, which is holding the market back.

“The slight uptick in remortgages reflects how borrowers are increasingly beginning to move off SVRs, which can be above 4%, onto longer term fixes that are often far more competitive.”