I now live in Spain, Costa Del Sol area to be more exact. The area you choose to live in can make or break you, so choose very carefully and do plenty of hands on research of the area.
The cost of living is better, cheaper and the quality and freedom of life is fantastic.
However, when you BUY property rather than rent (which can be very cheap) you are subject to far more rules, regs and charges. To own property you must obtain residenca rather than just a standard NIE number to work.
One thing you cannot do very easily, is live in Spain and continue to pay any debts in the UK, if you choose to make the move across the water, make sure you clear any debts etc... first as it can take a while to get settled with work that brings in a regular satisfactory income.