Update
Just as an update, this noise has gotten worse over the last few days and is now doing it when I shift from P to R, through to D and then back again.
The noise appears to come from the front right hand wheel.
A good friend of mine is a well respected independent mechanic and after getting his hands behind the wheel, tells me that the issue is the inner driveshaft joint.
I think I remember hearing somewhere on here that this is a common problem.
Better get on to Volvo and see what they say!
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