I think that it has failed to sell for a couple of reasons;
1. The aircraft had a gear-up landing a few years ago, and this isn't made clear from the ad's. Personally, I don't mind owning an aircraft that has been "involved" and, in some respects, if the repair work has been done well, that it has been taken to bits and inspected recently, is a good thing. But I reckon that it's important to be transparent about such history.
2. The initial asking price was just bonkers and, needless to say, the marketplace blew a raspberry at it. I appreciate that it can be difficult to tell what a 'niche' aircraft like a Lancair is actually worth, as there are so few in this country, but £70k plus vat (which is where it started) always looked ambitious.
3. It has gone stale after nearly two years for sale. Buyers have seen it knocking about for ages and now wonder what's wrong with it.
4. Aircraft like Lancair's have been overtaken by the rise of Rotax powered machinary, and the fall in value of C of A aircraft. In many respects, it falls in to neither camp, being expensive-ish to run (with a lycosaur up front) without the utility of a C of A machine (night and IFR).
I would reckong that £40-50 feels right now, the question is whether he can now get it, before the market changes again!