TIM Farron insists he will listen closely to his constituents before deciding whether to throw his hat in the ring to become the new leader of the Liberal Democrat party.

Over the past few months Mr Farron has continously refused to be drawn on his future role in the party.

But after Nick Clegg's resignation on Friday, bookies instantly made the three-term MP for Westmorland and Lonsdale hot favourite to replace him.

A Betfred spokesperson said Mr Farron was 1/5 favourite while the odds on Norman Lamb, MP for Norfolk North, who confirmed he was standing late last night, are 7/2.

The spokesperson said one punter had bet £500 on Mr Farron, adding: "Because there was so much interest in the General Election it means the leadership campaigns have become an interesting topic across the country."

Speaking outside the Birdcage in Kendal yesterday morning, where he was gauging the views of the electorate, Mr Farron said: "There is no question if I felt the local people didn't want me to do it, I wouldn't do it.

"And that doesn't mean I will definitely do it because people have said very lovely things to me over the weekend but it does help to inform the decision."

Mr Farron was just one of eight of the party's 57 MPs to hold their seat in the General Election. 

Among the high-profile figures to go were Business Secretary Vince Cable, Energy Secretary Ed Davey and justice minister Simon Hughes.

And Mr Farron, 44, is under no illusion of the scale of the task his party has ahead of it.

"It would be an enormous job but I guess starting from a building that is burnt to the ground is easier to rebuild than one that is just badly damaged," said Mr Farron, whose majority fell from 12,264 to 8,949.

"There are thousands of new members in the country who have thrown their weight behind us and they are going to be part of that rebuild and I am excited to be part of that.

"There is a period of mourning and grief to go through but at the same time if we can't be positive about the thrill and excitement of fighting back from the brink and proving everyone wrong then there is something wrong. I am determined there is going to be plenty of joy in this rebuild."

Mr Farron has even received the backing of Ben Berry, the Conservative Councillor for Windermere Applethwaite and Troutbeck.

"Having an MP with clout in Westminster could be massively beneficial to our area," he said. 

"If we want more services at Westmorland General, secure infrastructure spend, bring back industrial jobs or develop a creative arts hub, then this could be the best way to do that.

"We should all be proud of having an MP with ambition to lead a major party and should support him to do that."

Nominations for the role of Lib Dem Party leader opened today and close on June 3.

Contenders have to secure the support of ten per cent of the parliamentary party, which means they can nominate themselves. 

Ballot papers will then be sent out to party members and must be returned by July 15. The winner will be declared shortly after.

In a letter to members following his resignation, Mr Clegg said: "I always expected this election to be exceptionally difficult for the Liberal Democrats, given the heavy responsibilities we have had to bear in government in the most challenging of circumstances. 

"But clearly the results have been immeasurably more crushing and unkind than I could ever have feared.

"However unforgiving the judgement has been of the Liberal Democrats in the ballot box, I believe the history books will judge our party kindly for the service we sought to provide to the nation at a time of great economic difficultly and for the policies and values which we brought to bear on government – opportunity, fairness and liberty – which I believe will stand the test of time."

Mr Farron polled 25,194 votes, a 51.5 per cent share of the vote.

His nearest rival was Conservative Dr Ann Myatt, who polled 16,245 votes, a 33.2 per cent share of the vote.

UKIP's Alan Piper came third with 3,031 votes and was followed by Labour's John Bateson who polled 2,661 votes and Chris Loynes, for the Green Party, who had 1,798 votes. The turn out was 74.3 per cent.

The vote share change since 2010 was UKIP plus 4.6 per cent; Green plus 3.7 per cent; Labour plus 3.2 per cent; Conservative minus three per cent and Liberal Democrat minus 8.5 per cent.

In his winning speech, Mr Farron said: "It is enormously humbling for me to represent the place that is my home and to stand up for the community that I am proud to be part of. There are many things we can be proud of and what we have achieved together over the last ten years.

"There are people here who work their socks off for me, not just today but for days and weeks and years."

"We are certain that we will go forward because in these days of a fractured country with nationalism north and south of the border never has there been more need for a Liberal voice with unifying values that we are all better working together than pulling apart."

Dr Myatt said the reduced majority was a swing in the right direction.

"We have to accept there is a very big mountain to climb so I am pleased with that result," she said. 

"I want to pay tribute to my team particularly my agent James Airey. We have all pulled together and worked very hard. This is a result that will be a springboard for elections down the line."