Wandsworth Council has approved a request by the developer behind the Battersea Power Station’s redevelopment that nearly halves the number of affordable homes on offer.

See related: Battersea Power Station developer nearly halves number of affordable homes

Chairman of the planning committee Councillor Richard Field said the “escalating cost” of the Power Station’s restoration means the project is “facing significant challenges”.

In 2011, Battersea Power Station Development Company earmarked 636 homes as affordable for the £9 billion project but this has been cut to 386.

A spokesperson at Battersea Power Station said the company was still “determined to deliver 15 per cent affordable homes, equating to 686 homes”.

“Our priority is to make good on the trust people have placed in us by starting on the first 386 affordable homes this year, which is three years earlier than the requirement in the original planning consent.”

Cllr Field added: “This development also directly funds the Tube extension which is bringing 25,000 jobs to Battersea, so the stakes are extremely high.”

However, the move has been met with disapproval with Simon Hogg, Wandsworth Labour leader, describing the decision as “truly sickening”.

“Thousands of local people need affordable housing - including the 1,500 homeless families in the borough.

“This decision means the amount of affordable housing on this £9 billion scheme has been reduced to just 9 per cent.

“The interests of large property developers are being put ahead of the public interest.”

In the House of Commons, newly elected Battersea MP Marsha de Cordova asked the Government to intervene, demanding developers across the capital “reducing their commitment to affordable homes” be “held to account”.

The planning committee meeting took place on June 22.