pallan - there has to be a cut-off and there won't be a lack of able candidates. Think yourself luck that it's open to those within a 37 year range, and time is on your side to fine tune your application.
SU -
decided against applying again this year, largely due to the long timeframe of the process, and uncertainty over when you would start training let alone flying. That is purely for personal reasons though as I now have my PPL and want to start commercial training now and also want to do some FI and light/TP aircraft flying before diving into a shiny jet
Long timeframe - it could take you ten years+ to get onto a shiny jet with your route!
Uncertainty with when start training let alone flying - going down your right, you've got the certainty of £50k+ but no certainty of a job.
It's completely right to not apply if that's what you want, but those reasons don't seem valid to me and they won't when you're applying for a FI/TP job and they ask why you did not reapply.