Reports suggest Conservative Boris Johnson is ahead on votes in the race to become London Mayor.
Counting began shortly after 8am following yesterday's elections with many tipsters saying the poll was too close to call.
Early reports say that Mr Johnson has the most first preference votes in nine out of first 14 constituencies.
Labour's Ken Livingstone - who is bidding to win a third term in office - is believed to have the most first perference votes in five areas.
But second preference votes, which decided previous elections, are not yet known.
Delays mean the result is not expected to be announced at City Hall until after midnight.
If Mr Johnson wins it would round off a perfect week for the Tories who made great gains in last night's local elections.
Prime Minister Gordon Brown is facing pressure from Labour MPs for a change in direction after a nightmare at the polls which saw the party slump to its worst results for a generation.
The margin was similar to the drubbing received by John Major in council elections in 1995, two years before he was ejected from Downing Street by Tony Blair.
Broadcasters' analysis suggested that the Tories would enjoy a landslide Commons majority of between 138 and 164 seats if the results were repeated in a general election.
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