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It really depends how much you want the house and what you can afford but personally I don't think there's anything wrong with going back and saying the mortgage valuation is lower than expected which knocks onto our finances and hence we need to drop our offer by £Xk. You can be very apologetic but that's what the facts are.
The estate agent should be realistic enough to know that will probably knock on to other offers (although I would make that point) and make the point to the vendor. Not dropping by the full £30k would likely get some goodwill but ultimately it's down to what the vendors need out of the sale (maximum money, quick sale, etc)
aggi
We've had our house downvalued by our mortgage lender by 30k (~5%) - do we play hardball and just say thats our maximum offer? we could realistically add 5-10k of cash if we needed to.
They're a husband and wife (with kid) who are living in separate countries until the house exchanges so they should be keen to get moving..
My worry with just reducing straight to the valuation price is that they will know that 30k less price = 5k of deposit funds less so they would know that at the very least we would have 5k