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ltc
It’s because of the seatpost thing (dents, possibly some kind of repair/mod). I don’t have a reamer or I’d sort it out and tidy it up.
I had some snotty ebay messages from someone trying to school me on bicycle mechanics and framebuilding, who took great offence when I explained I was neither an idiot nor trying to deceive anyone. Apparently being honest open and transparent means that I’m trying to pull a fast one.
Anyway. I thought £450 was a fine price for its condition, and build/accessories, but I’d take £400 if it moved sooner than later.