Hughes admitted: "There was a couple of deals we pursued earlier in the window, but the indications we were getting from the clubs involved weren't very positive, and we were led to believe the deals wouldn't be allowed to happen, so we had to back away.
"We were prepared to make a decent bid for a striker but that one didn't happen.
"There was a number of other deals that were floating around but some of them ended up being beyond our means, and others started to become a little bit too expensive and became poor value.
"So, in the end, we are where we are.
"I just think this window has been over-valued. A lot of players have moved, and the clubs have achieved prices that, at any other time, wouldn't have been realised.
"I just think it became overheated once again."