He concluded: "It has been the greatest honour of my life to serve our country as Prime Minister over these last six years, and to serve as leader of my party for nearly eleven years". His wife Samantha and their children were in the public gallery.
Today marks David Cameron's final day in office as Prime Minister of the United Kingdom.
The warmth culminated in a standing ovation for Cameron, 49, who is leaving office after voters rejected his advice and made a decision to leave the European Union.
Later, Queen accepted Cameron's resignation.
He said he would miss the "roar of the crowd" in parliament, but assured his colleagues that he would be willing them on from his new position as a regular lawmaker representing his English constituency of Witney, near Oxford.
In a direct message to voters, she said: "I know you are working around the clock, I know you are doing your best and I know that sometimes life can be a struggle".
European Union leaders have said they expect May to move quickly, and French President Francois Hollande, German Chancellor Angela Merkel and Italy's Prime Minister Matteo Renzi announced they will hold a summit in August on the vote. Cameron poked fun at the leadership turmoil going on in the Labour Party, telling Corbyn that the Tories have had "resignation, nomination, competition and coronation" while Labour is still working out its leadership rules.
Still wearing his lapel microphone, Mr Cameron could be heard humming an upbeat tune as he re-entered 10 Downing Street, in footage broadcast on ITV.
Labour MP David Crausby, who represents Bolton North East, had several run-ins with Mr Cameron, particularly around the trains issue and was said he felt he had "achieved very little" during his premiership.
New Prime Minister Theresa May and husband Philip will move into Downing Street tonight.
He resigned after Britain's narrow vote in the referendum of June 23 to leave the EU.
A new post has been created to oversee our exit from the European Union and David Davis has beeen named as the first "Brexit minister". At one point, the wind whooshed back David Cameron's hair and rain began to splatter on the hundreds of cameras watching his statement.
It was the same line Cameron used in 2005, when he was the new leader of the Conservative Party, to taunt then Prime Minister Tony Blair.
"It has been a privilege to serve the country I love", he told the media.
Now, even his exit from political life will be remembered for how he bottled it.