Deloitte stated that England's 20 top-flight clubs spent £120 million more than in the corresponding window in 2010 after the 2011 summer window shut on 31st August.
When scrutinised more closely, the North West clubs, in particular Man United, Man City and Liverpool each spent more than £50 million on transfers this summer. Add Chelsea and Arsenal to this group and these so called 'top' five clubs were responsible for about two-thirds of the Premier League's total transfer outlay.
"This summer's spending is largely focused amongst the top end Premier League clubs most strongly competing for domestic and European success and the consequent financial rewards," said Deloitte Sports Business Group partner Dan Jones, who added that clubs were spending again at a level seen between 2007 and 2009 before a dip last summer.
Transfer fees to overseas clubs totalled about £205 million. However, although this represented a 25% drop on the summer 2010 figures, the outlay to foreign clubs still made up 42% of total transfer fees. Deloitte also found that clubs spent about £165 million on English talent - about 34% of their total spending.
Jones added: "The football authorities' encouragement for home-grown players has contributed towards the increased scale of fees for the transfer of young English talent this summer. The resurgence of transfer spending is also apparent in other top European leagues. Despite domestic difficulties delaying the start of their seasons, transfer spending is considerably up amongst clubs in Serie A and La Liga."