The Government has published the House of Lords Reform Draft Bill. The proposals are still subject to consultation and parliamentary debate, but it seems that, at a minimum, the bulk of Lords will be directly elected (with 240 members elected, and 80 appointed). It is proposed that elected members would sit for 15 years, and would be elected through some form of proportional representation. Twelve bishops will remain in the House.
It seems that the public will not be asked to approve these proposals through a referendum.