its just a faulty or sticking pressure relief valve. these can sometimes be re seated by opening them to let the water past and dislodging whatever is sticking it open. but even a new pressure relief valve is under 20 quid. trace the pipe back through the wall to the boiler and it will connect into the pressure relief valve (prv) the top of the prv is either red or black, just turn it, about a quarter turn, it will be tight and you will hear the water rush out of it. then it will click and you will hear it slam shut. repeat this a few times, topping it up if neccessary.
johnr, March 2008