Hammersmith’s Labour MP is calling on Boris Johnson to provide homes "fit for Londoners" not foreign investors in the newly approved regeneration of Old Oak Common.

Andy Slaughter has called a debate in Parliament on Thursday afternoon as he believes the 24,000 homes planned for the 950-hectare site have no guarantee of being affordable for people living in the area which straddles the three London boroughs of Hammersmith & Fulham, Ealing and Brent and includes Wormwood Scrubs park.

His concerns come after the communities minister Eric Pickles gave the green light on January 28 for the project which will be one of the largest regeneration schemes in London for decades.

The Mayor of London has said the scheme, which includes an HS2 and Crossrail station, will deliver a £15 billion boost to London’s economy over 30 years after creating 55,000 jobs.

The Mayor’s deputy Sir Edward Lister said “many thousands” of Old Oak homes will be affordable.

Mr Slaughter supports the overall scheme, dubbed the Canary Wharf of the West, but despite Sir Edward’s promise he said the current plans do not guarantee homes designed for or affordable for local people and he worries homes will be “high-density tall buildings, consisting of the small top-end flats that risk being snapped up by the foreign investor market”.

He told getwestlondon: “I have called this debate because, although I support the redevelopment of this area, I am calling on Boris to ensure that this scheme is for the benefit of all Londoners, not just a wealthy few.

“Five more years of David Cameron and another Tory Mayor in City Hall could spell disaster for young Londoners trying to get on the property ladder as the average age of a first-time buyer rises to 32. That is why we need to ensure that major redevelopment projects such as this meet their targets on affordable housing.”

Andy Slaughter will be calling on Boris this afternoon to guarantee affordable housing in Old Oak Common

He will argue, in the debate, that the Mayoral Development Corporation (MDC) being created to give the Mayor power over the area needs to implement safeguards to allow local firms, residents, environmental groups and councils to have a controlling say on the MDC’s board.

Sir Lister said: “The proposed regeneration of Old Oak Common represents a once-in-a-lifetime opportunity to transform a vast area, the size of a small London borough, into an entirely new vibrant city quarter, with unrivalled transport connections and up to 55,000 jobs and 24,000 new homes – many thousands of which would be affordable.

“Wormwood Scrubs is one of west London’s most loved open spaces and through the proposed corporation we will be able to improve it further so local people can enjoy using it for many decades to come. We continue to work closely with the three local authorities involved to deliver the best possible deal for Londoners.”

The world’s largest car dealership, Cargiant, which privately owns 47-acres of the site, announced this week it has appointed its project team to work with the MDC to transform the industrial land. The team includes London & Regional Properties, Arup and PLP Architecture.

The creation of the MDC is set to be created by Parliament soon and will come into existence on April 1.