Thats very subjective. No easy access to mountains and proper outdoor sports. Not very friendly people. British weather. Much of your time is spent on the underground. So it really depends on what you value in life. (Personally I am not a fan of London).
Two of my friends live in Texas, in moderately large houses; they're justifiably proud of them, but all I see is a huge expanse of wasted space, a lawn to upkeep, and nothing (except neighbors) to walk to. Meanwhile, they look at my life and see a tiny cramped apartment where our baby has to sleep in our bedroom, and a commute that's twice as long as theirs standing shoulder-to-shoulder with people.
There's nothing wrong with the weather in Britain. It's got more character than the relentless bland sun of somewhere like California.
Here a screenshot of a comparison I did some time ago to motivate ourselves to leave london: http://imgur.com/7tdwCoD
Moving to a rural area, or even farther out into the suburbs, would absolutely help OP's financial situation out. Hopefully he can find a new job or work remotely. Or, if he wants to stay in London, he'll realize the value of things he would miss.
Transport back to town is effing expensive - the 15 minute ride to Wimbledon where I work is about £9 per day. Public transport is rubbish. I cycle the 30 minutes to the nearest train station but on the occasions where my bike is out of action using local transport is only just feasible. For that reason almost everyone here has 2 cars. In London you don't even need a car, let alone 2.