seems like your problem could also be pipes not being supported using clips etc, and cause pipes to flex when a water stops suddenly upon closing taps. This can aggravate your problem.
An arrester should be fitted as close to the source of tap that causes the problem,
think of water as a mass of some solid matter, if you propel a solid matter with some velocity, it will acquire momentum, and whenever anything that has acquired momentum, and when it is brought to a sudden halt, a lot of energy is dissipated, this energy can flex and bend pipes to a certain degree, and cause it to hammer and within the pipes water being liquid with mass, and is not compressable, so it must dissipate this energy somewhere and somehow, so the longer the pipe and higher the velocity, the higher will be the energy, so imagine if you were to put an arrester, it should be put at the far end of the long route, so that the momentum which continues to flow forward needs to be absorbed at the furthest point, so that being near the tap, though a few meters before wouldn't do any harm since water is flexible, it could dissipate this energy a few meters before the end of the pipe or where the tap is.
I would fit it on the hot water circuit as that is where you are getting your problems on, using compression joints, easily done, if it doesn't work, patch up the pipe and use it somewhere else, trial and error always works, it would be hard to work out theoretically unless you input every bit of information ina Cray Super computer to work out exactly where it should be placed precisely! (
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Good luck mate, and see if any pipes that are not properly supported or fastened to walls or floor joists are done so so as to avoid moment as the enrgy dissipates pipes and joints bear the brunt of it. Securing them to walls and other surfaces help and stop pipes moving during the energy surge.
Looks like London Busses are on strike!!