Falcao’s loan move to Manchester United was the major deadline day signing as Premier League summer spending hit a record £835m.
Overall deadline day spending was down £55m to £85m compared to 2013.
But earlier deals, such as United's £59.7m British record signing of Angel Di Maria, contributed to the record.
Financial analysts Deloitte said Louis van Gaal's near £150m spree was the highest gross transfer spend in a single window by any club.
On deadline day, most of the major transfers were announced after the 23:00 BST cut-off - with clubs given an hour's grace to finish deals they had started.
Falcao's surprise move was announced at 01:30 BST, 32 minutes after Welbeck's move was confirmed. Manchester City revealed Alvaro Negredo had been sent on loan to Valencia at 23:28 BST.
Hull were the busiest Premier League side on transfer deadline day, signing four players, including Palermo striker Abel Hernandez for a reported club-record £10m and Premier League trio Hatem Ben Arfa, Gaston Ramirez and Mo Diame.
Crystal Palace broke their club record to sign £7m Wigan midfielder James McArthur.
Premier League spending has been boosted by a £3bn television deal - 70% higher than the last contract - that is entering its second year.
The previous record of £630m - set last summer - was broken this year on 14 August, before a ball had been kicked in the Premier League.
Other key Premier League transfer window stats, provided by Deloitte, include:
- Clubs in the Champions League contributed 40% (342m) of the total spend.
- £530m went to clubs overseas. This was up from £490m last year but is down as a proportion of total spend from 78% to 63%.
- £60m was spent on Football League players.
- Premier League total spending is more than La Liga (£425m), Serie A (£260m) and Ligue 1 (£100m) combined. A total of £250m was spent in the Bundesliga.
Three of the busiest clubs this summer did not sign players on deadline day.
Liverpool have spent £117m since the end of the season, Chelsea £91.3m, and Manchester City £50m.
Here Is The Transfer List
Shinji Kagawa Man U -Borussia Dortmund) undisclosed
1:33 - James McArthur [Wigan Athletic - Crystal Palace] £7m
21:30 - Ryan Cresswell [Fleetwood - Northampton] Undisclosed
21:14 - Ryo Miyaichi [Arsenal - FC Twente] Loan
21:14 - Ignasi Miquel [Arsenal - Norwich] Undisclosed
21:02 - Alex Kacaniklic [Fulham - Copenhagen] Loan
21:02 - Ryan Bird [Portsmouth - Cambridge] Free
20:52 - Sam Clucas [Mansfield - Chesterfield] Undisclosed
20:43 - William Kvist [Stuttgart - Wigan] Free
20:35 - Zeki Fryers [Tottenham - Crystal Palace] Undisclosed
20:20 - Betinho [Sporting Lisbon - Brentford] Loan
19:46 - Daley Blind [Ajax - Man Utd] £13.8m
19:29 - Bruno Ecuele Manga [Lorient - Cardiff] Fee in excess of £5m
19:27 - Saphir Taider [Inter Milan - Sassuolo] Loan
19:15 - Ricardo Alvarez [Inter Milan - Sunderland] Loan
18:51 - Mohamed Diame [West Ham - Hull] Undisclosed
18:36 - Andy Procter [Bury - Accrington] Free
18:30 - Sebastian Coates [Liverpool - Sunderland] Loan
18:30 - Jack O'Connell [Blackburn - Rochdale] Loan
17:45 - Andrew Surman [Norwich - Bournemouth] Undisclosed
17:37 - Brian Montenegro [Nacional - Leeds] Loan
17:34 - Lewis Holtby [Tottenham - Hamburg] Loan
17:30 - George Donnelly [Rochdale - Tranmere] Undisclosed
17:26 - Benjamin Stambouli [Montpellier - Tottenham] Undisclosed
17:08 - Royston Drenthe [Reading - Sheff Wed] Loan
17:00 - Ryan Watson [Leicester - Northampton] Loan
17:00 - Jose Canas [Swansea - Espanyol] Free
16:22 - Achille Campion [Norrby IF - Port Vale] Loan
15:58 - Abel Hernandez [Palermo - Hull City] £10m
15:46 - Nathaniel Chalobah [Chelsea - Burnley] Loan
15:01 - Alex Nicholls [Northampton - Exeter] Loan
15:00 - Jonathan Obika [Tottenham - Swindon] Undisclosed
14:54 - Alex Bray [Swansea - Plymouth] Loan
14:45 - Andy Delort [FC Tours - Wigan] Undisclosed
14:21 - Holmbert Fridjonsson [Celtic - Brondy] Loan
14:16 - Adam Forshaw [Brentford - Wigan] Undisclosed
14:16 - Vitalijs Maksimenko [Brighton - VVV-Venlo] Loan
14:08 - Jelle Vossen [Genk - Middlesbrough] Loan
13:58 - Jordan Cranston [Nuneaton - Notts County] Free
13:56 - Michael Gardyne [Dundee United - Ross County] Loan
13:52 - Dylan McGeouch [Celtic - Hibernian] Loan
13:38 - Nathan Eccleston [Coventry - Partick Thistle] Free
13:20 - Javier Hernandez [Man Utd - Real Madrid] Loan
13:08 - Jack Price [Wolves - Yeovil] Loan
13:00 - Stuart Beavon [Preston - Burton] Undisclosed
12:58 - Marco van Ginkel [Chelsea - AC Milan] Loan
12:37 - Modu Barrow [Ostersunds - Swansea] Undisclosed
11:55 - Tom Koblenz [Hoffenheim - Derby] Free
11:30 - Shane Duffy [Everton - Blackburn Rovers] Undisclosed
11:24 - George Boyd [Hull - Burnley] £3m
10:59 - Yanic Wildschut [Heerenveen - Middlesbrough] Undisclosed
10:13 - Karim
El Ahmadi [Aston Villa - Feyenoord] Undisclosed