OK, so the one in front has gone on a tour of the borders of Hants/Surrey (if I've guessed the airfield correctly
)
You say you were still downwind, so by the time you've turned base & then finals, chances are he'd be about a mile behind you - which might work, or you might cause him to go around.
I'd say unless you're flying something much much faster (in which case make your intentions to become No 1 very clear on the r/t), slow down (consider configuring early) and follow.