In the chief supporting contest to George Groves’ win over Chris Eubank Jnr the pair went toe-to-toe for 12 rounds on the World Boxing Super Series show.
And the judges couldn’t split them at the end of 36 minutes of engaging action, meaning Walsh hung on to his Lord Lonsdale belt with scores of 115-114 for Morecambe’s Lowe, 116-114 for the champion and a dead level 115-115.
"I don't know what I have to do to get a decision in a big title fight," said Lowe, who now has two draws and one no contest on his 17-fight record.
"It was close but I thought I had it by one or two.
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"I just needed to stick to my boxing a little more but I like to fight. I'll be back and one day and I'll get my hands on that title."
The Westgate Warrior was bidding to become the first man born in the Lancaster and Morecambe to win a professional British boxing title.
That piece of history will have to wait however with Lowe sure to push for a rematch after an impressive display on the big stage.
He boxed well for large parts of the contest while Walsh’s success came when the former Lancaster Boxing Academy youngster opened up.
The champion enjoyed more success as the fight went on with both men giving it all they had for the final two rounds, culminating in a stalemate that will satisfy neither fighter’s ambitions.