That's interesting... ebay.co.uk doesn't give you the link to the bidder history, but ebay.com does...
Anyway, in this case, I'd be suspicious of that seller. There are lots of low-feedback bidders on their other lots, who seem to have 90%+ bidding history with just this one seller.
Here's another lot that's just about to finish, and matey boy 0-feedback is currently in the lead. I wonder where it will end?
eBay Item Bid History
That said, I've had zero feedback bidders win auctions of stuff I've put up and they just never paid, meaning you need to relist. I've never had a "second chance" offer get accepted, maybe as the losing 2nd highest bidder might smell a rat ... ie a dishonest seller could puff up the price with a shill account and if they don't sell it to a real buyer, they'd offer it out to the highest actual bidders with the excuse that the winning bidder flaked out and didn't pay.