"UKIP is speaking for the 17 million people who voted to leave; we are your new hope," Woolfe said in his statement via the Facebook live stream.
As he announced his leadership bid the room erupted in cheers and claps, his supporters and the party welcoming the announcement.
"I will not shy away from those big issues that we face as a nation, I will challenge them head on," Woolfe said.
Mr Woolfe gave a damming verdict against the Labour party, claiming they had lost their working class roots and were failing to represent people in the UK, especially those in the north of England.
Roger Helmer MEP and UKIP member believes out of all the candidates running the right one will be chosen.
"We will go through the normal constitutional process and will hopefully find a suitable candidate," Helmer told Sputnik.
He refused to comment specifically on Woolfe as he did not want to favor one candidate over another.
In his speech Woolfe claimed the 'coalition of the comfortable' have forgotten the elderly and the poor.
"I will ensure social mobility is at the forefront of politics once more and make sure our land is fit once again," Woolfe said.
Drawing reference to the EU referendum on June 23, he said that the British people voted for hope over fear, they voted for freedom.
Woolfe also said that despite claims UKIP now has no future, the plan of the party is to ensure the establishment do not forget their promises and that Article 50 is invoked.
"There are marches taking place across the country to stop Article 50 being invoked. UKIP will ensure that the establishment keeps its promise and that Britain leaves the EU," Woolfe said.
Thousands turn up for the #MarchForEurope https://t.co/KPXgRSk1Ur #Brexit pic.twitter.com/BP4L1D3Jts
— Sputnik UK (@SputnikNewsUK) July 2, 2016
He claimed that he wanted Britain's growth and prosperity to be shared across the nation and that no one should be left behind.
"It is all our kingdom, a United Kingdom and we need to be prepared for a Brexit future," Woolfe said.
Former UKIP leader Nigel Farage, known for his controversial speeches in the European Parliament and campaigning for Britain to leave the EU, has resigned in July 2016, following the victory of the Leave vote in the EU referendum.
It appears, MEP Steven Woolfe, who is described by UKIP supporters as composed and handsome, is ready to take charge and fill Nigel Farage's Union Jack shoes.
