(Updated on May 3 with new headline, election results, reaction and photos)

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The man described by some as a joke, by others as a brilliant mind has ended Ken Livingstone’s eight-year reign at City Hall.

The verdict is still out on what exactly Boris Johnson’s victory means for the Conservative Party overall but his performance as mayor could help determine whether people will vote for the Tories in a general election next time.

Johnson, whose experience of running big projects is limited, will lead one of the world’s most high-profile cities with an 11.3 billion pound budget to run public transport, police and fire services and promote the economy of this global financial centre.

The Labour Party may be hoping that the gaffe-prone “blond bombshell” will prove incapable of doing the job and thus damage the Conservatives chances of winning the next election. Johnson will have to get cracking soon with strong policies to bolster his image and become the ambassador that the Tories need him to be as the capital’s mayor.

Johnson paid generous tribute to Livingstone in his victory speech, describing him as “a very considerable public servant” and acknowledging that many who had voted for him had been wavering when it came to casting their votes.

“You shaped the office of mayor. You gave it national prominence and when London was attacked on 7 July 2005 you spoke for London,” Johnson said after he was declared winner in what had turned out to be a marathon vote count lasting well over 12 hours, partly due to a record turnout of 45 percent.

Livingstone in return offered to help Johnson and said that the responsibility for his defeat lay with him and him alone.

The Conservative candidate won with 1,168,738 first and second preference votes, compared with Livingstone’s 1,028,966.

Source: London Elects

The Johnson victory in London has added to Conservative delight at pushing Prime Minister Gordon Brown’s Labour Party to its worst performance on record in local elections elsewhere in England and Wales.

Senior Conservative sources said they would be “gobsmacked” if Johnson did not win the mayoral contest, the Daily Telegraph said.

Even Minister for London Tessa Jowell conceded as we waited for the final result: “You’re absolutely right that it looks, at the moment, as if Boris Johnson is ahead,” she told the BBC.

Confidence of a Tory win was boosted after one bookmaker announced it was paying out on a Boris Johnson victory hours before the official result is expected later this evening.

Opinion polls had put Livingstone and Johnson neck-and-neck, with LibDem candidate Brian Paddick a distant third.

Last week in an interview with Reuters Ken Livingstone dismissed his rival Boris Johnson’s 12 point lead in the race for London Mayor in a YouGov poll as a quirk, resulting from its method of surveying voters over the internet.

He said a Guardian ICM poll using more traditional methods — telephoning a sample of voters — would show him in a much better position.

He would appear to have been proved correct — the poll, published online on Wednesday evening, shows he has narrowed the gap with Johnson to just 2 points, once second preference votes are counted.

The poll forecasts a narrow victory in the election on May 1 for Johnson with 51 percent of final votes and Livingstone on 49 percent.

On first choice votes the gap is even slimmer, with Johnson on 42 percent, Livingstone on 41 percent and Liberal Democrat Brian Paddick trailing far behind on 10 percent.

Ken Livingstone talks to Tim Castle about standing for a third term as Mayor of London.

He dismisses a recent YouGov poll that shows him trailing Conservative rival Boris Johnson and says his rival candidates are all “Ken Lites” who have moved their policies closer to his.

He says questions about his age or suggestions that he has been in the post too long are “ephemera” designed to avoid the real issues in the campaign.

Click on the video below to see the full interview.

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Brian Paddick talks to Tim Castle about his autobiography and his candidacy for the mayoral election in London.

He says not being a politician is a “distinct advantage” when running against Ken Livingstone and Boris Johnson.

“They are big personalities but they are not the sort of personalities that Londoners really want running London.”

Click on the video below to see the full interview.

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The mayoral candidates have set out their plans for London.

Crime, affordable housing and public transport are discussed at length in their manifestos.

Ken Livingstone says he will raise the congestion charge in October for drivers of cars with high emissions. Boris Johnson says the plan is flawed and should be scrapped.

The mayor says that crime is falling and more houses are being built for ordinary people.

If he wins a third term, he promises that trains and buses will improve.

He says that only he can be trusted to oversee the huge public transport improvements planned for the capital ahead of the 2012 Olympics.

Johnson and Paddick say it’s time for a change on May 1.

The Conservative hopeful thinks Livingstone has become stale after eight years in power.

The mayor’s rivals tell voters they will offer a new approach.

They’ve unveiled their campaign proposals. But what would you do if you were in charge of City Hall for the day?