"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 don't break my word. So I shall be writing to the UKIP national executive in the next few minutes saying that I am standing down as leader of UKIP," Farage said, as he did not manage to win the seat at Thanet South constituency, as quoted by ITV channel.
Farage added that he would take the summer off, and then reconsider whether he would run for the leadership of the UKIP party in September.
Farage was one of the founding members of UKIP, serving as its leader in 2006-2009 and 2010-2015.
UKIP has conservative views and has called for Great Britain to exit the European Union.
The UK election took place on Thursday. The Conservative party currently holds 325 out of 650 seats in the House of Commons as last UK constituencies declare the results of the vote.
