** UPDATE **
I wrote the review below two months ago. In only two months, the rear derailleur gear has packed up altogether, with the chain sticking and my child unable to pedal the bike. I originally gave the bike a 2-2.5 star rating because I thought it would be OK for light use. I was wrong. After very light use for only two months (and only occasional use at that), the bike is now unusable. To get the item fixed is AT LEAST £30, assuming it doesn't need a new gear mechanism. I originally said that this was OK for £55. It's not. If I can't repair the bike myself, it's going to have cost me £85 minimum and it's not worth that. Terrible components. Avoid. The following is my original review.
** END UPDATE **
This would be a 2.5 star review if Amazon allowed "-and a half" ratings. I chose to round it down rather than round it up because 3 stars is over-generous.
I bought this bike so my daughter would have a bike at her grandparents' place as it's not possible to keep shifting her bike from one property to the other. The bike rides fine, but it is very heavy and the components are pretty cheap - the only decent parts are the Kenda tyres (not top quality, but certainly good enough for the kind of use this bike is likely to get). In particular, the brake and gear mechanisms are very poor quality - I'm not being a snob about this -- when you try them, you'll feel the play in the material (mostly low grade plastic) and less-than-slick shifting for yourself. And finally, perhaps my biggest gripe is that most 7 year olds will really struggle to lift this bike from the ground - the high tensile steel frame is just too heavy. Remember that bikes have much thicker tubes now than when we were kids, and when manufacturers don't use modern materials along with the modern designs, the weight becomes a real issue. I have no problem with steel as a material; aluminium has half the strength of steel and half the weight. So, when making an alu bike, tubes need to be thicker. Using such thick tubes for a steel bike is purely down to aesthetic and it's a complete failure.
On balance, the bike's just about OK for £55. Even though children can dish out some abuse to their bikes, they hopefully won't be hurtling down a mountain trail on them. This bike can pretty much cope with average child use and will be fine on roads, pavements, towpaths and grass -- it's not going to fall apart with normal use, although I'm not sure how long those brake levers and rear derrailleur will last. I wouldn't think it's worth any more than £55, though, so how the RRP is twice that is beyond me.
If you're thinking of buying the bike as the main ride for your child, I would recommend you look elsewhere - go for something lighter (with an aluminium frame) and with better quality components. Although Raleigh is a trusted brand, you will do well to look at Barracuda bikes (also available on Amazon) for higher quality, lower (full) priced alternatives. You won't find an aluminium frame for £55, but you might consider the extra cost against the lightness (and rust-proof nature) of Alu over steel for you child. If £55 is your absolute limit, I guess this is better than some used bike with suspect history and condition on an auction site.