His party made gains in England and Wales.
Ed Miliband is expected to stand down later after Labour Party was all but wiped out by the SNP in Scotland.
The Liberal Democrats are also heading for a fewer seats.
The Conservatives are expected to have won a 37% share of the national vote, Labour 31%, UKIP 13%, the Lib Dems 8%, the SNP 5%, the Green Party 4% and Plaid Cymru 1%.
PM David Cameron declared victory in a speech after being returned as MP for Witney, in which he set out his intention to press ahead with an in/out referendum on Britain’s membership of the European Union and to complete the Conservatives’ economic plan.
“I want to bring our country together, our United Kingdom together, not least by implementing as fast as we can the devolution that we rightly promised and came together with other parties to agree both for Wales and for Scotland.
“In short, I want my party, and I hope a government I would like to lead, to reclaim a mantle that we should never have lost – the mantle of One Nation, One United Kingdom. That is how I will govern if I am fortunate enough to form a government in the coming days,” he said.
David Cameron is expected to hold an audience with Queen Elizabeth II later on Friday.
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