diff --git a/CHANGES.md b/CHANGES.md
index 5f625dad1d..c283e33876 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,91 @@
+Synapse 1.48.0 (2021-11-30)
+===========================
+
+This release removes support for the long-deprecated `trust_identity_server_for_password_resets` configuration flag.
+
+This release also fixes some performance issues with some background database updates introduced in Synapse 1.47.0.
+
+No significant changes since 1.48.0rc1.
+
+Synapse 1.48.0rc1 (2021-11-25)
+==============================
+
+Features
+--------
+
+- Experimental support for the thread relation defined in [MSC3440](https://github.com/matrix-org/matrix-doc/pull/3440). ([\#11161](https://github.com/matrix-org/synapse/issues/11161))
+- Support filtering by relation senders & types per [MSC3440](https://github.com/matrix-org/matrix-doc/pull/3440). ([\#11236](https://github.com/matrix-org/synapse/issues/11236))
+- Add support for the `/_matrix/client/v3` and `/_matrix/media/v3` APIs from Matrix v1.1. ([\#11318](https://github.com/matrix-org/synapse/issues/11318), [\#11371](https://github.com/matrix-org/synapse/issues/11371))
+- Support the stable version of [MSC2778](https://github.com/matrix-org/matrix-doc/pull/2778): the `m.login.application_service` login type. Contributed by @tulir. ([\#11335](https://github.com/matrix-org/synapse/issues/11335))
+- Add a new version of delete room admin API `DELETE /_synapse/admin/v2/rooms/<room_id>` to run it in the background. Contributed by @dklimpel. ([\#11223](https://github.com/matrix-org/synapse/issues/11223))
+- Allow the admin [Delete Room API](https://matrix-org.github.io/synapse/latest/admin_api/rooms.html#delete-room-api) to block a room without the need to join it. ([\#11228](https://github.com/matrix-org/synapse/issues/11228))
+- Add an admin API to un-shadow-ban a user. ([\#11347](https://github.com/matrix-org/synapse/issues/11347))
+- Add an admin API to run background database schema updates. ([\#11352](https://github.com/matrix-org/synapse/issues/11352))
+- Add an admin API for blocking a room. ([\#11324](https://github.com/matrix-org/synapse/issues/11324))
+- Update the JWT login type to support custom a `sub` claim. ([\#11361](https://github.com/matrix-org/synapse/issues/11361))
+- Store and allow querying of arbitrary event relations. ([\#11391](https://github.com/matrix-org/synapse/issues/11391))
+
+
+Bugfixes
+--------
+
+- Fix a long-standing bug wherein display names or avatar URLs containing null bytes cause an internal server error when stored in the DB. ([\#11230](https://github.com/matrix-org/synapse/issues/11230))
+- Prevent [MSC2716](https://github.com/matrix-org/matrix-doc/pull/2716) historical state events from being pushed to an application service via `/transactions`. ([\#11265](https://github.com/matrix-org/synapse/issues/11265))
+- Fix a long-standing bug where uploading extremely thin images (e.g. 1000x1) would fail. Contributed by @Neeeflix. ([\#11288](https://github.com/matrix-org/synapse/issues/11288))
+- Fix a bug, introduced in Synapse 1.46.0, which caused the `check_3pid_auth` and `on_logged_out` callbacks in legacy password authentication provider modules to not be registered. Modules using the generic module interface were not affected. ([\#11340](https://github.com/matrix-org/synapse/issues/11340))
+- Fix a bug introduced in 1.41.0 where space hierarchy responses would be incorrectly reused if multiple users were to make the same request at the same time. ([\#11355](https://github.com/matrix-org/synapse/issues/11355))
+- Fix a bug introduced in 1.45.0 where the `read_templates` method of the module API would error. ([\#11377](https://github.com/matrix-org/synapse/issues/11377))
+- Fix an issue introduced in 1.47.0 which prevented servers re-joining rooms they had previously left, if their signing keys were replaced. ([\#11379](https://github.com/matrix-org/synapse/issues/11379))
+- Fix a bug introduced in 1.13.0 where creating and publishing a room could cause errors if `room_list_publication_rules` is configured. ([\#11392](https://github.com/matrix-org/synapse/issues/11392))
+- Improve performance of various background database updates. ([\#11421](https://github.com/matrix-org/synapse/issues/11421), [\#11422](https://github.com/matrix-org/synapse/issues/11422))
+
+
+Improved Documentation
+----------------------
+
+- Suggest users of the Debian packages add configuration to `/etc/matrix-synapse/conf.d/` to prevent, upon upgrade, being asked to choose between their configuration and the maintainer's. ([\#11281](https://github.com/matrix-org/synapse/issues/11281))
+- Fix typos in the documentation for the `username_available` admin API. Contributed by Stanislav Motylkov. ([\#11286](https://github.com/matrix-org/synapse/issues/11286))
+- Add Single Sign-On, SAML and CAS pages to the documentation. ([\#11298](https://github.com/matrix-org/synapse/issues/11298))
+- Change the word 'Home server' as one word 'homeserver' in documentation. ([\#11320](https://github.com/matrix-org/synapse/issues/11320))
+- Fix missing quotes for wildcard domains in `federation_certificate_verification_whitelist`. ([\#11381](https://github.com/matrix-org/synapse/issues/11381))
+
+
+Deprecations and Removals
+-------------------------
+
+- Remove deprecated `trust_identity_server_for_password_resets` configuration flag. ([\#11333](https://github.com/matrix-org/synapse/issues/11333), [\#11395](https://github.com/matrix-org/synapse/issues/11395))
+
+
+Internal Changes
+----------------
+
+- Add type annotations to `synapse.metrics`. ([\#10847](https://github.com/matrix-org/synapse/issues/10847))
+- Split out federated PDU retrieval function into a non-cached version. ([\#11242](https://github.com/matrix-org/synapse/issues/11242))
+- Clean up code relating to to-device messages and sending ephemeral events to application services. ([\#11247](https://github.com/matrix-org/synapse/issues/11247))
+- Fix a small typo in the error response when a relation type other than 'm.annotation' is passed to `GET /rooms/{room_id}/aggregations/{event_id}`. ([\#11278](https://github.com/matrix-org/synapse/issues/11278))
+- Drop unused database tables `room_stats_historical` and `user_stats_historical`. ([\#11280](https://github.com/matrix-org/synapse/issues/11280))
+- Require all files in synapse/ and tests/ to pass mypy unless specifically excluded. ([\#11282](https://github.com/matrix-org/synapse/issues/11282), [\#11285](https://github.com/matrix-org/synapse/issues/11285), [\#11359](https://github.com/matrix-org/synapse/issues/11359))
+- Add missing type hints to `synapse.app`. ([\#11287](https://github.com/matrix-org/synapse/issues/11287))
+- Remove unused parameters on `FederationEventHandler._check_event_auth`. ([\#11292](https://github.com/matrix-org/synapse/issues/11292))
+- Add type hints to `synapse._scripts`. ([\#11297](https://github.com/matrix-org/synapse/issues/11297))
+- Fix an issue which prevented the `remove_deleted_devices_from_device_inbox` background database schema update from running when updating from a recent Synapse version. ([\#11303](https://github.com/matrix-org/synapse/issues/11303))
+- Add type hints to storage classes. ([\#11307](https://github.com/matrix-org/synapse/issues/11307), [\#11310](https://github.com/matrix-org/synapse/issues/11310), [\#11311](https://github.com/matrix-org/synapse/issues/11311), [\#11312](https://github.com/matrix-org/synapse/issues/11312), [\#11313](https://github.com/matrix-org/synapse/issues/11313), [\#11314](https://github.com/matrix-org/synapse/issues/11314), [\#11316](https://github.com/matrix-org/synapse/issues/11316), [\#11322](https://github.com/matrix-org/synapse/issues/11322), [\#11332](https://github.com/matrix-org/synapse/issues/11332), [\#11339](https://github.com/matrix-org/synapse/issues/11339), [\#11342](https://github.com/matrix-org/synapse/issues/11342))
+- Add type hints to `synapse.util`. ([\#11321](https://github.com/matrix-org/synapse/issues/11321), [\#11328](https://github.com/matrix-org/synapse/issues/11328))
+- Improve type annotations in Synapse's test suite. ([\#11323](https://github.com/matrix-org/synapse/issues/11323), [\#11330](https://github.com/matrix-org/synapse/issues/11330))
+- Test that room alias deletion works as intended. ([\#11327](https://github.com/matrix-org/synapse/issues/11327))
+- Add type annotations for some methods and properties in the module API. ([\#11341](https://github.com/matrix-org/synapse/issues/11341))
+- Fix running `scripts-dev/complement.sh`, which was broken in v1.47.0rc1. ([\#11368](https://github.com/matrix-org/synapse/issues/11368))
+- Rename internal functions for token generation to better reflect what they do. ([\#11369](https://github.com/matrix-org/synapse/issues/11369), [\#11370](https://github.com/matrix-org/synapse/issues/11370))
+- Add type hints to configuration classes. ([\#11377](https://github.com/matrix-org/synapse/issues/11377))
+- Publish a `develop` image to Docker Hub. ([\#11380](https://github.com/matrix-org/synapse/issues/11380))
+- Keep fallback key marked as used if it's re-uploaded. ([\#11382](https://github.com/matrix-org/synapse/issues/11382))
+- Use `auto_attribs` on the `attrs` class `RefreshTokenLookupResult`. ([\#11386](https://github.com/matrix-org/synapse/issues/11386))
+- Rename unstable `access_token_lifetime` configuration option to `refreshable_access_token_lifetime` to make it clear it only concerns refreshable access tokens. ([\#11388](https://github.com/matrix-org/synapse/issues/11388))
+- Do not run the broken MSC2716 tests when running `scripts-dev/complement.sh`. ([\#11389](https://github.com/matrix-org/synapse/issues/11389))
+- Remove dead code from supporting ACME. ([\#11393](https://github.com/matrix-org/synapse/issues/11393))
+- Refactor including the bundled relations when serializing an event. ([\#11408](https://github.com/matrix-org/synapse/issues/11408))
+
+
 Synapse 1.47.1 (2021-11-23)
 ===========================
 
diff --git a/changelog.d/10847.misc b/changelog.d/10847.misc
deleted file mode 100644
index 7933a38dca..0000000000
--- a/changelog.d/10847.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type annotations to `synapse.metrics`.
diff --git a/changelog.d/11161.feature b/changelog.d/11161.feature
deleted file mode 100644
index 76b0d28084..0000000000
--- a/changelog.d/11161.feature
+++ /dev/null
@@ -1 +0,0 @@
-Experimental support for the thread relation defined in [MSC3440](https://github.com/matrix-org/matrix-doc/pull/3440).
diff --git a/changelog.d/11223.feature b/changelog.d/11223.feature
deleted file mode 100644
index 55ea693dcd..0000000000
--- a/changelog.d/11223.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add a new version of delete room admin API `DELETE /_synapse/admin/v2/rooms/<room_id>` to run it in background. Contributed by @dklimpel.
\ No newline at end of file
diff --git a/changelog.d/11228.feature b/changelog.d/11228.feature
deleted file mode 100644
index 33c1756b50..0000000000
--- a/changelog.d/11228.feature
+++ /dev/null
@@ -1 +0,0 @@
-Allow the admin [Delete Room API](https://matrix-org.github.io/synapse/latest/admin_api/rooms.html#delete-room-api) to block a room without the need to join it.
diff --git a/changelog.d/11230.bugfix b/changelog.d/11230.bugfix
deleted file mode 100644
index b2d6d4d024..0000000000
--- a/changelog.d/11230.bugfix
+++ /dev/null
@@ -1,2 +0,0 @@
-Fix a long-standing bug wherein display names or avatar URLs containing null bytes cause an internal server error
-when stored in the DB.
\ No newline at end of file
diff --git a/changelog.d/11236.feature b/changelog.d/11236.feature
deleted file mode 100644
index e7aeee2aa6..0000000000
--- a/changelog.d/11236.feature
+++ /dev/null
@@ -1 +0,0 @@
-Support filtering by relation senders & types per [MSC3440](https://github.com/matrix-org/matrix-doc/pull/3440).
diff --git a/changelog.d/11242.misc b/changelog.d/11242.misc
deleted file mode 100644
index 3a98259edf..0000000000
--- a/changelog.d/11242.misc
+++ /dev/null
@@ -1 +0,0 @@
-Split out federated PDU retrieval function into a non-cached version.
diff --git a/changelog.d/11247.misc b/changelog.d/11247.misc
deleted file mode 100644
index 5ce701560e..0000000000
--- a/changelog.d/11247.misc
+++ /dev/null
@@ -1 +0,0 @@
-Clean up code relating to to-device messages and sending ephemeral events to application services.
\ No newline at end of file
diff --git a/changelog.d/11265.bugfix b/changelog.d/11265.bugfix
deleted file mode 100644
index b0e9dfac53..0000000000
--- a/changelog.d/11265.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Prevent [MSC2716](https://github.com/matrix-org/matrix-doc/pull/2716) historical state events from being pushed to an application service via `/transactions`.
diff --git a/changelog.d/11278.misc b/changelog.d/11278.misc
deleted file mode 100644
index 9b014bc8b4..0000000000
--- a/changelog.d/11278.misc
+++ /dev/null
@@ -1 +0,0 @@
-Fix a small typo in the error response when a relation type other than 'm.annotation' is passed to `GET /rooms/{room_id}/aggregations/{event_id}`.
\ No newline at end of file
diff --git a/changelog.d/11280.misc b/changelog.d/11280.misc
deleted file mode 100644
index 8417c8ffef..0000000000
--- a/changelog.d/11280.misc
+++ /dev/null
@@ -1 +0,0 @@
-Drop unused db tables `room_stats_historical` and `user_stats_historical`.
\ No newline at end of file
diff --git a/changelog.d/11281.doc b/changelog.d/11281.doc
deleted file mode 100644
index ab27ed193c..0000000000
--- a/changelog.d/11281.doc
+++ /dev/null
@@ -1 +0,0 @@
-Suggest users of the Debian packages add configuration to `/etc/matrix-synapse/conf.d/` to prevent, upon upgrade, being asked to choose between their configuration and the maintainer's.
diff --git a/changelog.d/11282.misc b/changelog.d/11282.misc
deleted file mode 100644
index 4720519cbc..0000000000
--- a/changelog.d/11282.misc
+++ /dev/null
@@ -1 +0,0 @@
-Require all files in synapse/ and tests/ to pass mypy unless specifically excluded.
diff --git a/changelog.d/11285.misc b/changelog.d/11285.misc
deleted file mode 100644
index 4720519cbc..0000000000
--- a/changelog.d/11285.misc
+++ /dev/null
@@ -1 +0,0 @@
-Require all files in synapse/ and tests/ to pass mypy unless specifically excluded.
diff --git a/changelog.d/11286.doc b/changelog.d/11286.doc
deleted file mode 100644
index 890d7b4ee4..0000000000
--- a/changelog.d/11286.doc
+++ /dev/null
@@ -1 +0,0 @@
-Fix typo in the word `available` and fix HTTP method (should be `GET`) for the `username_available` admin API. Contributed by Stanislav Motylkov.
diff --git a/changelog.d/11287.misc b/changelog.d/11287.misc
deleted file mode 100644
index 26ec3cb657..0000000000
--- a/changelog.d/11287.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add missing type hints to `synapse.app`.
diff --git a/changelog.d/11288.bugfix b/changelog.d/11288.bugfix
deleted file mode 100644
index d85b1779ba..0000000000
--- a/changelog.d/11288.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a long-standing bug where uploading extremely thin images (e.g. 1000x1) would fail. Contributed by @Neeeflix.
diff --git a/changelog.d/11292.misc b/changelog.d/11292.misc
deleted file mode 100644
index d1b76b1574..0000000000
--- a/changelog.d/11292.misc
+++ /dev/null
@@ -1 +0,0 @@
-Remove unused parameters on `FederationEventHandler._check_event_auth`.
diff --git a/changelog.d/11297.misc b/changelog.d/11297.misc
deleted file mode 100644
index 856b856847..0000000000
--- a/changelog.d/11297.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to `synapse._scripts`.
diff --git a/changelog.d/11298.doc b/changelog.d/11298.doc
deleted file mode 100644
index 64ca1c84ed..0000000000
--- a/changelog.d/11298.doc
+++ /dev/null
@@ -1 +0,0 @@
-Add Single Sign-On, SAML and CAS pages to the documentation.
diff --git a/changelog.d/11303.misc b/changelog.d/11303.misc
deleted file mode 100644
index 50af92bfa5..0000000000
--- a/changelog.d/11303.misc
+++ /dev/null
@@ -1 +0,0 @@
-Fix an issue which prevented the 'remove deleted devices from device_inbox column' background process from running when updating from a recent Synapse version.
diff --git a/changelog.d/11307.misc b/changelog.d/11307.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11307.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11310.misc b/changelog.d/11310.misc
deleted file mode 100644
index e5c12445d5..0000000000
--- a/changelog.d/11310.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
\ No newline at end of file
diff --git a/changelog.d/11311.misc b/changelog.d/11311.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11311.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11312.misc b/changelog.d/11312.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11312.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11313.misc b/changelog.d/11313.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11313.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11314.misc b/changelog.d/11314.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11314.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11316.misc b/changelog.d/11316.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11316.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11318.feature b/changelog.d/11318.feature
deleted file mode 100644
index ce28fc1eef..0000000000
--- a/changelog.d/11318.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add support for the `/_matrix/client/v3` APIs from Matrix v1.1.
\ No newline at end of file
diff --git a/changelog.d/11320.doc b/changelog.d/11320.doc
deleted file mode 100644
index 333101736f..0000000000
--- a/changelog.d/11320.doc
+++ /dev/null
@@ -1 +0,0 @@
-Changed the word 'Home server' as one word 'homeserver' in documentation.
\ No newline at end of file
diff --git a/changelog.d/11321.misc b/changelog.d/11321.misc
deleted file mode 100644
index 7c377813e8..0000000000
--- a/changelog.d/11321.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to `synapse.util`.
diff --git a/changelog.d/11322.misc b/changelog.d/11322.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11322.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11323.misc b/changelog.d/11323.misc
deleted file mode 100644
index 54f39e1844..0000000000
--- a/changelog.d/11323.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve type annotations in Synapse's test suite.
\ No newline at end of file
diff --git a/changelog.d/11324.feature b/changelog.d/11324.feature
deleted file mode 100644
index 55494358bb..0000000000
--- a/changelog.d/11324.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add dedicated admin API for blocking a room.
\ No newline at end of file
diff --git a/changelog.d/11327.misc b/changelog.d/11327.misc
deleted file mode 100644
index 389e360457..0000000000
--- a/changelog.d/11327.misc
+++ /dev/null
@@ -1 +0,0 @@
-Test that room alias deletion works as intended.
\ No newline at end of file
diff --git a/changelog.d/11328.misc b/changelog.d/11328.misc
deleted file mode 100644
index 7c377813e8..0000000000
--- a/changelog.d/11328.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to `synapse.util`.
diff --git a/changelog.d/11330.misc b/changelog.d/11330.misc
deleted file mode 100644
index 86f26543dd..0000000000
--- a/changelog.d/11330.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve type annotations in Synapse's test suite.
diff --git a/changelog.d/11332.misc b/changelog.d/11332.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11332.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11333.misc b/changelog.d/11333.misc
deleted file mode 100644
index 6c1fd560ad..0000000000
--- a/changelog.d/11333.misc
+++ /dev/null
@@ -1 +0,0 @@
-Remove deprecated `trust_identity_server_for_password_resets` configuration flag.
\ No newline at end of file
diff --git a/changelog.d/11335.feature b/changelog.d/11335.feature
deleted file mode 100644
index 9b6c1b9c23..0000000000
--- a/changelog.d/11335.feature
+++ /dev/null
@@ -1 +0,0 @@
-Support the stable version of [MSC2778](https://github.com/matrix-org/matrix-doc/pull/2778): the `m.login.application_service` login type. Contributed by @tulir.
diff --git a/changelog.d/11339.misc b/changelog.d/11339.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11339.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11340.bugfix b/changelog.d/11340.bugfix
deleted file mode 100644
index 551817f42d..0000000000
--- a/changelog.d/11340.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug, introduced in Synapse 1.46.0, which caused the `check_3pid_auth` and `on_logged_out` callbacks in legacy password authentication provider modules to not be registered. Modules using the generic module API were not affected.
diff --git a/changelog.d/11341.misc b/changelog.d/11341.misc
deleted file mode 100644
index 3d8da755ee..0000000000
--- a/changelog.d/11341.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type annotations for some methods and properties in the module API.
diff --git a/changelog.d/11342.misc b/changelog.d/11342.misc
deleted file mode 100644
index 86594a332d..0000000000
--- a/changelog.d/11342.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to storage classes.
diff --git a/changelog.d/11347.feature b/changelog.d/11347.feature
deleted file mode 100644
index b0cb5345a0..0000000000
--- a/changelog.d/11347.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add admin API to un-shadow-ban a user.
diff --git a/changelog.d/11352.feature b/changelog.d/11352.feature
deleted file mode 100644
index a4d01b3549..0000000000
--- a/changelog.d/11352.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add admin API to run background jobs.
\ No newline at end of file
diff --git a/changelog.d/11355.bugfix b/changelog.d/11355.bugfix
deleted file mode 100644
index 91639f14b2..0000000000
--- a/changelog.d/11355.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in 1.41.0 where space hierarchy responses would be incorrectly reused if multiple users were to make the same request at the same time.
diff --git a/changelog.d/11359.misc b/changelog.d/11359.misc
deleted file mode 100644
index 4720519cbc..0000000000
--- a/changelog.d/11359.misc
+++ /dev/null
@@ -1 +0,0 @@
-Require all files in synapse/ and tests/ to pass mypy unless specifically excluded.
diff --git a/changelog.d/11361.feature b/changelog.d/11361.feature
deleted file mode 100644
index 24c9244887..0000000000
--- a/changelog.d/11361.feature
+++ /dev/null
@@ -1 +0,0 @@
-Update the JWT login type to support custom a `sub` claim.
diff --git a/changelog.d/11368.misc b/changelog.d/11368.misc
deleted file mode 100644
index d623935865..0000000000
--- a/changelog.d/11368.misc
+++ /dev/null
@@ -1 +0,0 @@
-Fix running `scripts-dev/complement.sh`, which was broken in v1.47.0rc1.
diff --git a/changelog.d/11369.misc b/changelog.d/11369.misc
deleted file mode 100644
index 3c1dad544b..0000000000
--- a/changelog.d/11369.misc
+++ /dev/null
@@ -1 +0,0 @@
-Rename `get_access_token_for_user_id` to `create_access_token_for_user_id` to better reflect what it does.
diff --git a/changelog.d/11370.misc b/changelog.d/11370.misc
deleted file mode 100644
index 13d9f36bf3..0000000000
--- a/changelog.d/11370.misc
+++ /dev/null
@@ -1 +0,0 @@
-Rename `get_refresh_token_for_user_id` to `create_refresh_token_for_user_id` to better describe what it does.
diff --git a/changelog.d/11371.feature b/changelog.d/11371.feature
deleted file mode 100644
index 8e9ca2d633..0000000000
--- a/changelog.d/11371.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add support for the `/_matrix/media/v3` APIs from Matrix v1.1.
\ No newline at end of file
diff --git a/changelog.d/11377.bugfix b/changelog.d/11377.bugfix
deleted file mode 100644
index 9831fb7bbe..0000000000
--- a/changelog.d/11377.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in v1.45.0 where the `read_templates` method of the module API would error.
diff --git a/changelog.d/11377.misc b/changelog.d/11377.misc
deleted file mode 100644
index 3dac625576..0000000000
--- a/changelog.d/11377.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add type hints to configuration classes.
diff --git a/changelog.d/11379.bugfix b/changelog.d/11379.bugfix
deleted file mode 100644
index a49d4eb776..0000000000
--- a/changelog.d/11379.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix an issue introduced in v1.47.0 which prevented servers re-joining rooms they had previously left, if their signing keys were replaced.
diff --git a/changelog.d/11380.misc b/changelog.d/11380.misc
deleted file mode 100644
index 703e80d14f..0000000000
--- a/changelog.d/11380.misc
+++ /dev/null
@@ -1 +0,0 @@
-Publish a `develop` image to dockerhub.
diff --git a/changelog.d/11381.doc b/changelog.d/11381.doc
deleted file mode 100644
index f99a432418..0000000000
--- a/changelog.d/11381.doc
+++ /dev/null
@@ -1 +0,0 @@
-Fix missing quotes for wildcard domains in `federation_certificate_verification_whitelist`.
diff --git a/changelog.d/11382.misc b/changelog.d/11382.misc
deleted file mode 100644
index d812ef309e..0000000000
--- a/changelog.d/11382.misc
+++ /dev/null
@@ -1 +0,0 @@
-Keep fallback key marked as used if it's re-uploaded.
diff --git a/changelog.d/11386.misc b/changelog.d/11386.misc
deleted file mode 100644
index 3178d53f05..0000000000
--- a/changelog.d/11386.misc
+++ /dev/null
@@ -1 +0,0 @@
-Use `auto_attribs` on the `attrs` class `RefreshTokenLookupResult`.
diff --git a/changelog.d/11388.misc b/changelog.d/11388.misc
deleted file mode 100644
index 7ce7ad0498..0000000000
--- a/changelog.d/11388.misc
+++ /dev/null
@@ -1 +0,0 @@
-Rename unstable `access_token_lifetime` configuration option to `refreshable_access_token_lifetime` to make it clear it only concerns refreshable access tokens.
\ No newline at end of file
diff --git a/changelog.d/11389.misc b/changelog.d/11389.misc
deleted file mode 100644
index 33672bb075..0000000000
--- a/changelog.d/11389.misc
+++ /dev/null
@@ -1 +0,0 @@
-Do not run the broken MSC2716 tests when running `scripts-dev/complement.sh`.
diff --git a/changelog.d/11391.feature b/changelog.d/11391.feature
deleted file mode 100644
index 4f696285a7..0000000000
--- a/changelog.d/11391.feature
+++ /dev/null
@@ -1 +0,0 @@
-Store and allow querying of arbitrary event relations.
diff --git a/changelog.d/11392.bugfix b/changelog.d/11392.bugfix
deleted file mode 100644
index fb15800327..0000000000
--- a/changelog.d/11392.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug introduced in v1.13.0 where creating and publishing a room could cause errors if `room_list_publication_rules` is configured.
diff --git a/changelog.d/11393.misc b/changelog.d/11393.misc
deleted file mode 100644
index 6bf47ec2e0..0000000000
--- a/changelog.d/11393.misc
+++ /dev/null
@@ -1 +0,0 @@
-Remove dead code from supporting ACME.
diff --git a/changelog.d/11395.removal b/changelog.d/11395.removal
deleted file mode 100644
index 6c1fd560ad..0000000000
--- a/changelog.d/11395.removal
+++ /dev/null
@@ -1 +0,0 @@
-Remove deprecated `trust_identity_server_for_password_resets` configuration flag.
\ No newline at end of file
diff --git a/changelog.d/11408.misc b/changelog.d/11408.misc
deleted file mode 100644
index 55ed064672..0000000000
--- a/changelog.d/11408.misc
+++ /dev/null
@@ -1 +0,0 @@
-Refactor including the bundled relations when serializing an event.
diff --git a/changelog.d/11421.bugfix b/changelog.d/11421.bugfix
deleted file mode 100644
index 28ac65ea7c..0000000000
--- a/changelog.d/11421.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance of various background database schema updates.
diff --git a/changelog.d/11422.bugfix b/changelog.d/11422.bugfix
deleted file mode 100644
index 28ac65ea7c..0000000000
--- a/changelog.d/11422.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance of various background database schema updates.
diff --git a/debian/changelog b/debian/changelog
index 35c9063388..7deab5936e 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,15 @@
+matrix-synapse-py3 (1.48.0) stable; urgency=medium
+
+  * New synapse release 1.48.0.
+
+ -- Synapse Packaging team <packages@matrix.org>  Tue, 30 Nov 2021 11:24:15 +0000
+
+matrix-synapse-py3 (1.48.0~rc1) stable; urgency=medium
+
+  * New synapse release 1.48.0~rc1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Thu, 25 Nov 2021 15:56:03 +0000
+
 matrix-synapse-py3 (1.47.1) stable; urgency=medium
 
   * New synapse release 1.47.1.
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 48ac38aec6..3cd1ce6070 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -47,7 +47,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.47.1"
+__version__ = "1.48.0"
 
 if bool(os.environ.get("SYNAPSE_TEST_PATCH_LOG_CONTEXTS", False)):
     # We import here so that we don't have to install a bunch of deps when