Life peerages are still routinely created (excessively so, in fact) and, arguably, giving generously to your favourite political party might improve your chances of getting one.
While I'm still convinced of the benefits of a strictly limited, appointed rather than elected upper house to act as a brake on unfettered populism, the selection process is in desperate need of overhaul and should be taken out of actively partisan hands at least. I'd also make all lords crossbenchers, a non-partisan upper house would perform its role more effectively in my opinion.