You can fit a new balustrade but it takes a lot of skill to cut a new newel base over the string (side of the stairs) probably best get a joiner in or try talking to some of the balustarde manufacturers who will advise what you can do. The parts can be very cheap i.e. Pine rails and spindles or...
What you have to ensure is that the flooring can move freely under the cover strip. people often glue the coverstips to the floor and when the floor expands or contracts the strips either pop off or restrict movement and buckle the flooring.
I found these on the web. Stick them to the wall to...