Industrial action in the NHS is estimated to have cost taxpayers around £1.7 billion during 2023 and 2024.
Dr Robert Laurenson and Dr Vivek Trivedi, co-chairs of the British Medical Association, said it should never have taken “so long” to get to this point.
They described the deal as a “modest” above-inflation award – and still left pay below what it had been in 2008.
And they said they in future years the expectation was that pay would continue going up above inflation – and if that did not happen the government needed to be “prepared for consequences”.
“We thank all doctors who have seen us through to this point by standing on picket lines and fighting for their worth.
“The campaign is not over, but we, and they, can be proud of how far we have come.”
Danny Mortimer, chief executive of NHS Employers, which represents NHS trusts, said: “Health leaders will breathe a massive sigh of relief to know that the dispute has come to a successful resolution.
“The last thing our members wanted was the threat of more strikes over what is expected to be a very difficult winter.”
Junior doctors in Wales recently voted in favour of an improved pay deal, while in Northern Ireland talks are ongoing and no strike action is currently planned.
Junior doctors did not take industrial action in Scotland after they accepted a pay offer from the devolved government last year.
The announcement comes ahead of the title of junior doctor being dropped in favour of the term resident doctors from Wednesday.
Streeting agreed to the change during the talks.
The term junior doctor has long been disliked by the BMA, which believes it did not reflect the experience and standing of junior doctors – some of whom can have eight or more years experience.
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