Thanks a million, Owenm!
The house is approx 10 years old. Had another good look and figured out that its the valve thats leaking. Its not leaking from either end of the T connector / joints - nuts/thread/joint to both the pipe and the radiator is dry. And as long as the valve is fully closed, there is no leak, but if I open the valve even a thread or two, it starts leaking and its coming from right under that white plastic cap.
From what you said earlier, this looks more like replacing the radiator valve, or something in the valve, either way its something do with 'compression joints' and so its better to call a plumber?
Thanks again!