The signing of Carlos Tevez was among Manchester City's transfer spree
English Premier League clubs have spent about £450m in the summer transfer window - down from last summer's £500m record, a report says.
While the level of purchases from other top flight clubs remained the same, there had been a 40% fall in transfers from overseas clubs, Deloitte said.
Sterling's weakness and a 50% tax rate may have been factors, making it more costly to lure overseas stars, it said.
Manchester City's £120m summer splurge made up 27% of overall spending.
Meanwhile, Aston Villa, Liverpool, Sunderland and Tottenham Hotspur have all reportedly spent more than £25m each.
The fall in spending, given the economic climate, was "expected", said Paul Rawnsley, director in the sports business group at Deloitte.
He added that the sale of the next round of international media rights sales was likely to generate higher revenue for Premier League clubs.
But Mr Rawnsley said that "without further significant capital injections from owners, transfer spending is unlikely to exceed the record level achieved in 2008".
Premier League clubs have spent £215m on players from other English top flight teams - the same as the record level seen in 2008.
However transfer fees paid to overseas clubs totalled £155m - down by £95m from last summer.
Earlier this year, Deloitte said that Premier league clubs may face higher wage demands from European players due to sterling's weakness and the new 50% tax rate.
Offers to transfer targets and existing players may need to be raised to match the take-home wages offered by European rivals, Deloitte added.
It said giving a European player a net annual salary of 3m euros (£2.6m) would cost an English club 6.8m euros.
But a Spanish club needs only pay 4m euros to deliver the same net salary.
The UK figure is also higher than clubs in France (6.7m euros), Italy (5.7m euros) and Germany (5.4m euros) would have to pay, according to the Deloitte calculations.