HTTP could not register URL 'http://+:12433/Service1/'. Your process does not have access rights to this namespace

While hosting the WCF service in a console application, you may face an issue like the following:

HTTP could not register URL http://+:12433/Service1/. Your process does not have access rights to this namespace (see http://go.microsoft.com/fwlink/?LinkId=70353 for details).

The issue is basically related to permissions to run the application. Restart the Visual Studio in Administrator mode and the issue is resolved. Happy coding..!!!