Comments on the south west being cheap – as jam bo says, completely depends where in the “south west” you end up.
I live in Devon (always have), and travel throughout the south west. Transport is rubbish so be realistic in terms of working from home (mobile signal can be a challenge let alone broadband) or commuting for the couple days a week you’d like to work.
In terms of work life balance, work out what you need to live on and if you can realistically cut back / downsize etc then you’ll know that there is nothing stopping you. Perhaps rent somewhere before buying to make sure you are comfortable in the area as it sounds like it’s be a big move to an unknown area.
Personally I’ve too many ties to the area I live so would find it a wrench to relocate. As someone else says is the job the issue and could you find work and stay where you are still earning enough but without the stress?