PEOPLE living near York Racecourse are in line to pocket "phenomenal" amounts of cash by renting properties for just a few days during the Royal Ascot meeting.

One resident was reportedly offered up to £7,000 for use of his home over the five-day festival.

Places at hotels across the city have also been snapped up fast for the 2005 event as Ascot-fever grips the city.

More than 300,000 people, including the cream of high society, usually attend the lucrative five-day race meeting. But York has just 12,000 hotel beds available.

With many hotels selling out within hours of York's confirmation, racegoers have been sent scurrying to rent, or book out of the city.

Victoria Lawton, who runs Lawton Letting, of York, said: "People are being offered a phenomenal amount to rent.

"I'm going to put together a list of potential landlords interested in letting homes during Ascot week."

She said she would ensure homeowners were protected and proper checks were carried out on potential tenants, with cash paid up front.

"People have to be aware of pitfalls before they rush into any money-making scheme," she said.

Gillian Cruddas, chief executive of York Tourism Bureau, said she most hotels were fully booked for June 2005. "Rates will be high, but they'll have taken advice from the Ascot area," she said.

"This has the potential to be one of the biggest things that's ever happened to York."

Graham Usher, general manager of the Grange Hotel, said all 30 bedrooms had been booked "blind" almost immediately after York got the Ascot green light.

He said: "I think most of the major hotels would have been booked by now. We've dealt with a lot of breeders and racers who stay the entire week.

"We haven't even decided our 2004 rate, so they don't even know the price for 2005 yet."

At Hazlewood Castle, near Tadcaster, 21 rooms were snapped up within ten minutes of confirmation.

An hotel near the racecourse, which did not wish to be identified, said all 30 bedrooms were booked immediately, and staff had since taken more than 400 Ascot-related inquires.

The hotel's manager said: "We could have filled this place ten times over. I've never known anything like it before."

Meanwhile, City of York Council said today that final arrangements for dealing with extra traffic had not yet been made, but car parking would be available to the south of the racecourse to isolate the main traffic impact on the main residential areas.

Have you been offered money to let out your home? Phone Dan Jones on 01904 653051, ext 309 or email dan.jones@ycp.co.uk.

Updated: 10:50 Thursday, November 20, 2003