Rent a designer handbag for as little as £12.50 a month

Unfortunately, sky-high prices mean such designer handbags are beyond most budgets.

But now aspiring fashionistas can acquire a must-have accessory for a fraction of the normal cost.

For less than £20 a week, it is possible to 'borrow' some of the most coveted couture bags, thanks to an innovative new fashion firm.

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Posh handbags for all: The designer gear can be rented out for as little as £12.50 a month

Set up by husband and wife team James and Jo Trafford, Handbag Hire HQ offers a range of the latest designer items.

Following rapid word-of-mouth success,

membership has spiralled from three members in its first week of trading to more than 3,000 - in just three months.

With bags such as the £1,250 Chloe Paddington, £495 Mulberry Bayswater and £600 Louis Vuitton Hampstead, the couple source authentic merchandise from Milan, Paris and New York, before sending it out to customers.

For £7.50 a month, anyone can become a member of Handbag Hire HQ. This allows them unlimited online access to the company's range of bags.

With descriptions and photographs of each bag on the company website, customers can browse the ever-growing collection.

Members pay a fee - ranging from £10 to £35, depending on the value of the bag - to hire their chosen accessory for a week.

To rent a Mulberry Bayswater for a week, for example, costs £25.

For a Guess Mini, the fee is £10. It is also possible to extend the loan period or buy the bag outright at a discounted rate. After ordering online, customers receive their chosen item within 48 hours.

A pre-paid envelope is included, allowing members to return the bag free of charge.

With the company attracting up to 100 members a day, mother-of-three Mrs Trafford, 39, and her 34-year-old husband, a policeman, may have to move from their home office in Lincoln to a warehouse to keep up with demand.

Mrs Trafford said: "I've always been obsessed with handbags and about a year ago developed a rather expensive Fendi habit.

"After talking it through with my husband, we decided to set up the company and turn my knowledge of handbags to good use.

"We must have spent around £60,000 on bags over the past few months but I'm very careful to thoroughly research each and every one of them before buying.

"We have an incredibly varied client base, from women wanting a handbag for weddings and special occasions, to those wanting a fabulous new bag for the boardroom."

She added: "So far we've been very lucky because all our customers have been incredibly careful with the bags, returning them all in pristine condition."