The latest Mortgage Monitor from e.surv found that there were 65,922 residential mortgages approved during October 2019 (seasonally adjusted).

This figure was virtually flat compared to September. It is a modest decrease of 1.2% compared to October 2018, a perhaps unsurprising result in a sluggish property market.

E.surv said key reason for the sustained performance is the low rates on offer at banks and building societies.

Mortgage rates have fallen dramatically in recent months, with some high street brands now offering loans with interest rates close to 1%.

The slowdown in the property market has meant fewer potential customers for banks to fight over, hence driving cheaper rates.

Some lenders may be seeking to meet year-end targets for mortgages, with many offering cut-price deals in a bid to bring in new borrowers, the report said.

First-time buyers have been one of the primary beneficiaries of this battle between the banks.

Some 29.2% of all loans were to borrowers with small deposits this month – the market segment into which first-time buyers typically fall.

This is further ahead of the 28.7% recorded in September, and the 28.3% recorded in August.

Richard Sexton, director at e.surv, said: “Despite the wider property market continuing its recent slowdown, the mortgage industry has maintained steady levels of activity this month.

“Rates which have fallen to a little over 1% for the cheapest two-year fixes, have helped sustain activity.

“Competitive mortgage rates have ensured the entry of new borrowers into the market and meant that the industry has kept some semblance of momentum.”