Genuinely regrettable. The appointed life peers system is worse than the traditional ‘hereditary sortition’ (if you will).
The former creates a class of semi-sinecures of equally questionable quality yet beholden to the political system of the moment. Life peerages become awards for donors and loyalists, a legitimized corruption. The house’s composition becomes an ever-growing competition based on unlimited partisan appointment. The house becomes less thoughtful, more unwieldy, more pointless, more expensive. It will inevitably be abolished on this path.
In contrast aristocrats are at least less likely to owe anything to a special interest, and more likely to hold firm to unpopular but perhaps higher ideals: they owe their position to no other power center, neither voters nor parties. They are also inherently invested in the nation’s long term success. It’s hardly democratic but at least it’s not a wasteful partisan circus.
My pitch would be to keep a small number of intra-peerage elected hereditary peers, keep the bishops, add various ex officio academics - but fill the majority of seats by true sortition. Every British subject is liable to be drafted, and paid, into a year or two of part-time lordship. (Though I’d grant the whole house a right to easily expel such members, should they fail to meet basic expectations.)