Agreed, but if someone wants mine, £500 would be very nice! Raleigh were in decline in the early 90's, and didn't make many 531 variants then anyway. Summit had dx shifters and brakes, lx cranks and mechs. Stupid penny pinching. Like British motorcycle and car industries, Raleigh were a right mess. Very sad indeed. I'm a big fan of Reynolds, but the K2 tubeset was about 3 years too late. 501 frames were ok though, I have 3- I have replaced the forks on all of them though, they were bloomin awful- way too heavy, possibly good on a fully loaded touring tandem though.. Have had many 531 frames of different eras. Oldies are maybe a tad weak in the downtube dept., later ones fab.
As for the "titanium" bit, the cro-moly stem on the Summiit is titanium coloured!! Wowee!!