LONDON (AP) — Net mortgage lending in Britain hit the lowest level in eight years in April while savings growth remained subdued, the British Bankers Association said yesterday, suggesting the Bank of England's massive cash injections into the economy have yet to boost credit activity.

That was echoed in a statement by a major mortgage lender, which said it saw no decisive upturn in the housing market and that it expects mortgage and savings markets to contract in 2009-2010.

The BBA said net lending was £2.7 billion ($4.3 billion) in April, compared to an average of £3.4 billion in the previous six months. The March figure was £3.4 billion.

Gross mortgage lending of £7.9 billion was down from £8.7 billion in March, and 52 percent below a year ago.

Both the gross and net figures were the lowest since March 2001, the association said.

Personal deposits were up £1.8 billion, compared to a rise of £700 million in March and the six-month average of £1.1 billion.