Nigel Farage on Friday resigned as leader of the UK Independence Party (UKIP) after having failed to gain the seat of Thanet South constituency in Thursday's general elections.
Farage served as UKIP's leader since 2010.
But Farage, who lost by almost 3,000 votes to Conservative candidate Craig Mackinlay, said he would consider leadership again in the future, BBC reported.
Speaking about his defeat, he insisted he had "never felt happier", with a "weight lifted off his shoulders".
Farage said he would recommend Suzanne Evans, the deputy chairman, as stand-in leader until the leadership challenge is complete.
UKIP has increased its share of the poll "massively", winning an estimated 13 percent of votes, prompting calls from party members for a change to the voting system.
The UKIP won only one seat in the general elections held on Thursday.
