diff --git a/CHANGES.md b/CHANGES.md
index 58217e655..bdfa40686 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,12 @@
+Synapse 1.49.1 (2021-12-21)
+===========================
+
+Bugfixes
+--------
+
+- Fix a performance regression in `/sync` handling, introduced in 1.49.0. ([\#11583](https://github.com/matrix-org/synapse/issues/11583))
+
+
 Synapse 1.49.0 (2021-12-14)
 ===========================
 
diff --git a/changelog.d/11583.bugfix b/changelog.d/11583.bugfix
deleted file mode 100644
index d2ed113e2..000000000
--- a/changelog.d/11583.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a performance regression in `/sync` handling, introduced in 1.49.0.
diff --git a/debian/changelog b/debian/changelog
index 794d8efa4..61a1d003b 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.49.1) stable; urgency=medium
+
+  * New synapse release 1.49.1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Tue, 21 Dec 2021 11:07:30 +0000
+
 matrix-synapse-py3 (1.49.0) stable; urgency=medium
 
   * New synapse release 1.49.0.
diff --git a/synapse/__init__.py b/synapse/__init__.py
index d44a03a2c..d45e0f188 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -47,7 +47,7 @@ try:
 except ImportError:
     pass
 
-__version__ = "1.49.0"
+__version__ = "1.49.1"
 
 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