That's quite a silly comparison to make, come on now.For about 600 of those 700 years, you couldn't vote if you were poor or a woman. Do you want to go back to that?
I think most of us would suggest that it's not tearing down the system to amend some of the rules as time goes by, if they don't fit in with modern ideals and morality. And the concept of our second house being populated by people on the basis of their ancestry not their ability is one that was surely due an update.........
The alternative that we're (very slowly) sliding towards seems to be an elected model which is absolute shite in America, and would be just as shite here. It worked fine for 700 years.