The historic Wood Street Market could be halved in size in less than six months if developers look to meet a deadline to build flats.

According to Walthamstow MP Stella Creasy, planning permission to convert part of the site was granted three years ago as the market was considered under-occupied and unlikely to have a future as a commercial venture.

Since then the market has been relaunched and is thriving. An attempt to renew the original planning permission has since been refused, but the developers have until October this year to start the process under the terms of the original approval.

In a letter to her constituents, Ms Creasy said: “I am sad to report recent social media rumours that there are proposals to redevelop a section of the Wood Street Market into flats are true.

“Planning permission was granted 2011 to a section of the market to be used for residential purposes because at this time the building was considered to be under-occupied.

A campaign to save the market has been launched on facebook.

The page says the threatened businesses are Toy Shack, Lilak Domino, GiGi’s Dressing Room and Rose Craft.

Wood Street Market has been operational for more than 30 years and currently has around 50 units.