Trajan
Veteran
a
The poll also predicted Labour winning 239 seats, the Scottish National Party (SNP) winning 58 and the Liberal Democrats winning 10. Labour's tally was further revised down to 233 as the vote counts came in.
The party's leader, Ed Miliband, is expected to resign his position, sources within the party told Al Jazeera on condition of anonymity.
Nick Clegg, who was deputy prime minister under the outgoing coalition government, announced his resignation as leader of the Liberal Democrats after his party's "catastrophic" defeat.
Clegg called the loss of more than 40 of the party's seats "the most crushing blow to the Liberal Democrats" since it was founded.
In Scotland, the nationalist SNP has taken a near clean sweep of seats in the region, picking up 56 of 59 seats.
The gains came at the expense of the Labour and the Liberal Democrats, which were reduced to just one seat each in the region.
Labour lost 40 seats in Scotland and saw its regional head, Jim Murphy, and shadow Foreign Secretary Douglas Alexander lose their seats.
Danny Alexander, a Liberal Democrat minister under the last government, also lost in his own constituency.
The SNP went into the elections with just six seats from 2010.
A number of prominent MPs, including current ministers and senior leaders from across the political spectrum, have lost their seats.
The Liberal Democrats bore the brunt of the losses, their 59 seats reduced to about a dozen. The party's former leader, Charles Kennedy, lost his seat to the SNP, and ministers Vince Cable and Simon Hughes also lost in their constituencies.
The party's leader, Nick Clegg, who retained his seat, said he would comment on his future later on Friday morning.
Former Liberal Democrat leader Ming Campbell told Al Jazeera the party would have to "start from the bottom up".
George Galloway, a former Labour MP and leader of the Respect party, lost to Labour's Naz Shah in Bradford West, a seat he was widely expected to retain.
The Conservative Employment Minister Esther McVey lost her seat in Wirral West to Labour.
In Wales, the nationalist Plaid Cymru held its three seats, and in England the right-wing UK Independence Party is expected to pick up only one seat, despite gaining around 12 percent of the votes cast. Party leader Nigel Farage failed in his attempt to take the Thanet South seat from the Conservatives.
Ed Balls lost his seat too.