We are currently in the midst of one of British politics' most turbulent periods ever. The historic referendum result was merely the beginning.

A new prime minister will be appointed by the end of the summer and the opposition party is at war with itself over who should lead it into the 2020 general election.

However, this chaos presents massive opportunities to politicians in both the Conservative and Labour parties. Below are the people who have already put themselves forward - or who we expect will do so in the near future - to lead the country's two biggest parties.

REUTERS/Stefan Wermuth

Boris Johnson gestures as he leaves 10 Downing Street as Britain's re-elected Prime Minister David Cameron names his new cabinet, in central London, Britain, May 11, 2015.

The Conservative Party

Michael Gove: 11/4

• Confirmed his candidacy on Thursday
• Current Justice Secretary and former Education Secretary
• Prominent campaigner for a Brexit
• Repeatedly denied he had ambitions to be prime minister in the past
• Gove's odds of being the next prime minister rocketed after his announcement

Theresa May: 4/6

• Confirmed her candidacy on Thursday
• Current Home Secretary and former Minister for Women and Equalities
• Campaigned for the UK to remain in the European Union
• Widely regarded as a "unity candidate" who can bring the wings of the party together
• May is currently the bookies' favourite to be the next prime minister

Stephen Crabb: 25/1

• Announced his candidacy on Wednesday
• Current Work and Pensions Secretary
• He is a lesser known entity compared to May, Gove, and Johnson
• He has described himself as a "compassionate Conservative" and a big supporter of David Cameron
• He has been forced to deny that he is a homophobe due to his past links with Christian group Care - a group that promotes "cure" for homosexuality

Andrea Leadsom: 14/1

• Announced her candidacy on Thursday
• Current Energy Minister
• She was a passionate pro-Brexit voice
• Leadsom is a lesser known candidate but she impressed in high-profile TV debates in the run-up to the referendum
• Prior to her announcement, ITV reported that she would be backing Boris Johnson's leadership campaign

Liam Fox: 33/1

• Announced his candidacy on Wednesday
• Former Defence Secretary who resigned in disgrace in 2011 after concerns were raised over his relationship with Scottish businessman Adam Werritty
• He was one of the Tory party's most avid supporters of a Brexit
• He believes that he his "experience and background" would make him an effective prime minister

Boris Johnson: 9/2

• Yet to formally announce his candidacy but is strongly rumoured to be considering
• Former mayor of London
• Prominent campaigner for a Brexit
• Unlike current favourite May, Johnson isn't regarded as a candidate who could unify the party

Carl Court / Getty

Angela Eagle (right) alongside current Labour leader Jeremy Corbyn and his deputy Tom Watson.

The Labour Party

Jeremy Corbyn: (odds N/A)

• Current Labour leader and official leader of the opposition
• He lost a confidence vote among his own MPs on Tuesday and over 50 have resigned in protest against his leadership
• As things stand, Corbyn refuses to resign which means that he will likely fight for his position in a leadership contest
• The left-wing leader is deeply unpopular with MPs but has strong support with large numbers of party members. Over 13,000 new members signed up last week, according to ITV's Robert Peston.
• The coup against his leadership was triggered after UK voted to leave the EU

Angela Eagle: 6/4

• Yet to officially announce a challenge to Corbyn but is expected to soon
• Resigned as Shadow First Secretary of State and Shadow Secretary of State for Business, Innovation and Skills as part of the protest against Corbyn's leadership
• Viewed as a "unity candidate" who anti-Corbyn factions of the party can rally behind
• She doesn't enjoy strong support among Labour supporters, though. A YouGov poll published this week showed that just 1% of Labour voters believed that she should be the next leader.

Owen Smith: 6/1

• Yet to officially announce a challenge to Corbyn but is expected to do so soon
• Former shadow Work and Pensions Secretary
• He has collected dozens of nominations from MPs, according to The Guardian
• He could be a strong challenger to Corbyn as unlike Eagle, he voted against the Iraq war.