I know the dealer and from what I understand it's had a DMS stage 1 tune and been to Spa once for 2 x 25 min sessions. I believe it's priced well because the owner wants a dedicated track car now.
I'd assume it's sale or return from YaoNg's comment.
If it was grey, I'd be very tempted assuming I can actually bring myself to part with the Exige. £35k was my 'magic' number and it's happened earlier than I expected.
I believe the owner wants a quick sale so they can buy a dedicated track car. Some people (on FB M2 group) are reacting based on one car ad. I wouldn't say this is representative of the M2 market but it is a bargain. It happens.
if anything goes wrong with the drivetrain or engine BMW are going to do their best to avoid rectifying it.
There's a reason why the Autotrader cars all go way below UAC pricing. I'm sure most of them have nothing wrong with them but there is always that risk of warranty concerns.
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