Re:
Yes, my hunch is that it is a Reynolds 531 frame. I have been looking through the Raleigh brochures scanned on here. The team replicas had campag dropouts however the top of the seatstays look different to anything I could find. (I only looked at the early eighties catalogues) The frame is priced at 80 euros.
I think its time to ask for a serial number.
Regards,
Pat