I love my life here, so I am definitely in the "worth it" camp, but I wanted to second/third the comment about location being important, not just for house prices, actually. I moved from San Diego, land of the impossibly expensive, to Manchester (aka "ooop North" according to my soft London friends

). We are looking at houses, as are many people in our group of friends, and my husband and I will be able to buy a LOT more house for our money than our friends down south. A lot. And, in addition to that, many of our other costs our lower as well... We are lucky because we both work for a large university, and thus are paid reasonably well, and can take advantage of all of the opportunities here.
The UK may not be a huge country, but it is a varied one, I think, and one bit of it may be more "right" for you than another. My husband and I have spoken about moving down south, but I doubt we ever will. We absolutely love Manchester.
I did take an earnings hit, strictly by the numbers, when I moved here. But, if you include the NHS (I had to pay for my health insurance out of my salary) and if you look at cost-of-living, I have actually come out ahead. It is not a strict numbers game. Now, both my husband and I could probably be earning at least 30% more somewhere else (the US or elsewhere), but we wouldn't have the same quality of life.