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@aggi
As others have said, it was partly the nature of how this happened that was annoying, not just the wildly speculative amount.
They were a first time buyer (although realistically I think the parents were buying as an investment) and if they'd just said I don't think now is the right time, we're pulling out then it would be annoying but so be it. The 20% bit just made them seem like a chancer looking to exploit the situation.
Personally I'd say it is way too early to be making speculative adjustments to offers. In the case of @greeno I can see a justification for "we want to revisit the price as it already seemed high and banks may become more conservative" and a sensible discussion. For me, a 3-5% drop would have been a discussion that would probably have resulted in a reduction.
Ultimately I can't see this changing the underlying issue, London has too many people and not enough housing.