Exactly one week after emailing TfL, I received this reply.....
Thank you for your enquiry regarding the phasing at the traffic signal at the junction of Waldram Crescent, Waldram Park Road and Perry Vale. I was sorry to learn of the delays you experienced at this junction.
In managing London’s traffic signals, we seek to safely balance the needs of motorists, pedestrians and cyclists within a heavily used network with competing demands.
And you probably start thinking, Oh, yeah. I know where this is going. But then!
An engineer has investigated your enquiry and we can confirm that there was a fault with the push button detection unit. This fault caused the pedestrian stage to be demanded regardless of a pedestrian pushing the button. This fault was reported and has been resolved.
Furthermore a request has been made to increase the minimum green time to traffic at this junction, and engineers will continue to monitor the signals once this change has been made to ensure the correct balance is in operation at the signals.
Once again thank you for taking the time to highlight you concerns to us and we hope you find these changes help alleviate the problems you experienced. If I can be of further assistance please respond to this email, if you prefer to talk to someone please call xxxx xxx xxxx.
Yours sincerely
Stuart Towne
Customer Service Adviser
Transport for London Customer Services
Result! 
Thanks to Deano for the inspiration to actually try to do something! I have noticed a difference in these lights over the last few days so it's nice to know it's not just my imagination.
(Hope you don't object to be blotting out his phone number. Seems unfair to post it on a public forum though I know no one who is actually active on se23.com would take unfair advantage.)
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