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Yeah I agree that +25% is irrational and risky as a general point. However I'm less sure it matters if the extra cash over valuation comes from selling another property in the same market. In such a case you'd (I'd) be keeping the mortgage debt roughly the same. So is it really a risk? I'd argue not.
Of course I would very much like to buy low, sell high and use the difference to fund an extension and other improvements, but unfortunately I think it's a bit unrealistic when buying and selling in roughly the same market (well, Edinburgh and Lothian, so not exactly the same but pretty close)
Cupcakes
I think thats still reasonable, but 25% over is fuckin stupid and Ive not played that game yet as your just gonna leave yourself high and dry if the shit hits the fan.