Nigel Farage will stand down as leader of Ukip after losing out in his bid to be elected as the MP for Thanet South.
Liberal Democrat leader Nick Clegg has also confirmed he will quit as leader after a “crushing” election night.
Labour leader Ed Miliband will also exit following a shattering result for the party.
Labour are forecast to win 234 seats and the Lib Dems just eight seats, with the Conservatives set to win a narrow majority with 331.
Farage was defeated by Conservative candidate Craig Mackinlay.
The Ukip leader had previously promised to resign if he failed to get elected to a Westminster seat this year.
Following his defeat Farage said: “I said as this campaign went on that if I didn’t win I would stand down as leader of Ukip. I am a man of my word. I am standing down as leader of Ukip.”
The defeat means that Ukip is left with a single seat in parliament, held by Douglas Carswell in Clacton.
IFA Mark Hughes also ran for Ukip in the constituency of Harwich and North Essex, having authored the party’s pensions policy, which called for a reduction in the state pension age among other reforms.
Hughes came third in the poll, with Conservative MP Bernard Jenkin winning the seat.