In absence of an insulation tester, using a multimeter, then with the circuit off off and the light switch off. and the 4 trans disconnected
Use a multimeter set on continuity and take readings between all combinations of L N and E
You should have a high resistance all ways.
Any low reading would suggest a problem, then you can break the wiring down to sections to find the faulty area.
So I've just tested all 3 combinations across L, N & E against all wires individually in the circuit. The only low reading I got was from the neutral feeding the first light to the earth.
I'm guessing this means there's a join further up the line somewhere. Unfortunately that wire disappears through a joist right next to the fitting so I can't see it. Is there any way of finding where the join is or is it just a matter of lifting floorboards upstairs until I find it?
One other thing that seemed strange to me was when everything was connected in the chain I got a low reading at the second light between N & E but then at the third and fourth light the reading was fine.