It does sound like the axle bushes. ( I have done quite a few )
Just a couple of things to bear in mind :
1) The brake pressure regulator is retained by countersunk bolts which have Allen key heads( unlike the sensible fittings on a mk2 ), these tend over time to get seized in to the alloy housing of the regulator and can be a right barst to get out.ÂÂÂ

So be prepared that you may be needing a new regulator.
I have in the past managed to drill them out but you have to be extremely accurate so as not to bu99er up the regulator .
2) If you are considering doing it yourself, make sure the new bushes are lined up properly as if they are not they can touch the brackets that mount to the body. ( which will cause the same noise that your wanting to cure) ÂÂÂ
