Boris Johnson became the new mayor of London on Friday after winning the race that put an end to Ken Livingstone's eight-year tenure at the City Hall.

Johnson, 43, a Conservative Party candidate, won 1,168,738 first and second preference votes, while Livingstone only got 1,028,966. The Londoners achieved a record turnout of 45% in what was the Labour's first test at the polls since last year, when Tony Blair made way for Gordon Brown as Great Britain’s Prime Minister.

Liberal Democrat Brian Paddick ended the race in third place and Greens' Sian Berry came fourth.

In his speech held after learning that he had been elected the capital’s new mayor, Johnson praised his rival and hinted that he might offer him a role in his administration.

While addressing the crowd celebrating his victory in the elections, Johnson described Livingstone as "a very considerable public servant".

"You shaped the office of mayor. You gave it national prominence and when London was attacked on 7 July 2005 you spoke for London," the Conservative added.

Johnson, a former magazine editor, also said that he hoped to find a way in which the city’s new administration could benefit from Livingstone’s love for London, a city that hosts more than 8 million inhabitants.

The new mayor continued by saying that he will make efforts to earn the trust of those who opposed him during the campaign and also of those who hesitated before giving him their vote.

"Where there have been mistakes we will rectify them, where there are achievements we will build on them, where there are neglected opportunities we will seize on them."

Livingstone took the entire blame for the failed election.

"I accept that responsibility and I regret that I couldn't take you to victory."