WCF service hosting within Windows service - Issue

I faced the exception mentioned below when hosting a WCF service in a windows service. When i tried to start the windows serivce i got an message box throwing the following information:
The Service1 service on Local Computer started and then stopped. Some services stop automatically if they have no work to do, for example, the Performance Logs and Alerts service.

Solution for the below exception:
1. Open the Service Control Manager (Start->Run, type services.msc)
2. Right click on the particular service
3. Click on properties
4. Select Local System Account radio button

Service cannot be started. System.ServiceModel.AddressAccessDeniedException: HTTP could not register URL http://+:5755/TestSoapAndRest/Service1/. Your process does not have access rights to this namespace (see http://go.microsoft.com/fwlink/?LinkId=70353 for details). ---> System.Net.HttpListenerException: Access is denied
at System.Net.HttpListener.AddAll()
at System.Net.HttpListener.Start()
at System.ServiceModel.Channels.SharedHttpTransportManager.OnOpen()
--- End of inner exception stack trace ---
at System.ServiceModel.Channels.SharedHttpTransportManager.OnOpen()
at System.ServiceModel.Channels.TransportManager.Open(TransportChannelListener channelListener)
at System.ServiceModel.Channels.TransportManagerContainer.Open(SelectTransportManagersCallback selectTransportManagerCallback)
at System.ServiceModel.Channels.TransportChannelListener.OnOpen(TimeSpan timeout)
at System.ServiceModel.Channels.HttpChannelListener.OnOpen(TimeSpan timeout)
at System.ServiceModel.Channels.CommunicationObject...

For more information, see Help and Support Center at http://go.microsoft.com/fwlink/events.asp.