Nope. The OP has stated the noise continues when the radiator is removed, and UK systems do not have a vacuum when cold (unless it is a very unusual system). Also very rare to find sectional radiators these days.One of the radiator sections has a bad seal. When the system cools it is pulling a vacuum and sucking air into the radiator. When it heats up the vacuum stops. It doesnt leak water because the caulking swells and amy moistureevaporates leaving no trace.
Next time you hear it take some oil paint and paint the cracks where the sections come together. Then it should suck in the paint and seal itself.