Suddenly, it seems, borrowing has ceased to be a problem. New lenders are tripping over each other to offer terms, and there could be a lending surplus within 12 months.

But, as with any smoke signal to emerge from a financial institution, pay close attention to the small print.

What a difference a year makes. Indeed, it wasn't that long ago that the prevailing wisdom was that a dearth of debt was the principal obstacle to property's recovery.

Fast forward to this week and Savills says it has identified 52 new lenders entering the UK market in the past 12 months, with 47 of them willing to lend on deals of more than £100m.

Within 24 hours, DTZ added to the sunny mood, reporting that Europe's net debt funding gap had shrunk by 42% from $86bn (£56bn) to $50bn in just six months. Bank deleveraging has accelerated and the hope that non-bank lenders would ride to the rescue has become reality.

Indeed, DTZ now foresees a lending capacity surplus for 2013-14 in the UK, France, Germany and Sweden. The realistic notion that new lending capacity might cover the gross gap so quickly is a truly remarkable reversal.

But that's only part of the story. Many - most - of the new lenders are targeting prime and core property. And that all but rules out huge swathes of secondary property and assets outside London - don't forget that 70% of the UK's outstanding £197.9bn real estate loans are secured against properties outside the capital. As Savills' William Newsom wisely points out: "Everybody is chasing the same product."

Can lenders be persuaded to rediscover, in Newsom's words, "the joys of the regions and good secondary product"? Some will, but at a price.