Design and Construction
The 700's fiberglass hull and lightweight construction are central to its character. Period reviews describe it as lightweight and note that this, together with its balanced rig, lets the boat pick up speed quickly while holding comfort and control. The majority of hulls carried twin bilge keels, though the record also shows deep fin keel versions, shallower wing keel examples, and lifting keel and centreplate variants — a spread of configurations that let owners match draft to their waters. Its shallow draft overall makes it ideal for sheltered inland routes such as the Norfolk Broads, and the whole package is light enough to be towed behind a family car. Early Rydgeway boats and later Oulton Broad builds share the same basic brief: a well-balanced small yacht combining ease of use with versatile, affordable cruising.
Rig and Handling
What makes the 700 endure as a beginner-friendly cruiser is the way it behaves under sail. It is widely regarded as stable, speedy and maneuverable, and commentators single out its forgiving sailing characteristics and responsive handling — the boat gets in the groove quickly and is amazingly responsive, whether going upwind or running. A masthead version carried a deck-stepped mast set well back from the bow with a large furling genoa and a high-aspect Bermudan mainsail on a very short boom; a later fractional-rigged version moved the mast forward and lengthened the boom, while an optional Gunter-rigged layout pushed the mast further forward still. The mast can be raised using the "A" frame, and many owners sail the boat single-handed thanks to that manageable rig and responsive feel. It performs well upwind and downwind, stays stable in moderate conditions, and is easy to control solo.
Accommodations
For a small yacht the interior is the 700's quiet triumph. Sources call it extremely spacious, with six-foot headroom and a lot of interior space that commentators note is remarkable even in a small boat. The cabin-mounted mast and efficient layout yield good cabin space for a family, and while the interior finishes are basic, the volume and headroom make it a genuinely practical pocket cruiser rather than a glorified daysailer. That room, paired with the gentle and stable ride, is why it is so often described as a perfect family cruiser and a reliable family day-sail boat.
Known Issues and Refits
Engineers report few problems with this boat, and the main caveats are ordinary age-related ones. The 700 may require upgrades depending on age and upkeep, and its performance is limited compared with modern yachts. Seasonal servicing of sails, spars, standing and running rigging is expected, along with interior cleaning and care of the hull and anti-fouling paint if sailed in saltwater. An owner account mentions a wing-keel hull with inboard diesel as a variant worth seeking.
The Verdict
The Pegasus 700 is a highly regarded small cruising yacht that has earned its place as one of the best entry-level cruising yachts available. It pairs a roomy, family-friendly cabin with forgiving, responsive handling and a draft suited to both inland and coastal waters, all in a towable, affordable package. Limited compared with today's designs and basic in finish, it remains one of the most reliable and beginner-friendly small cruising yachts afloat.
Pros
- Extremely spacious cabin with six-foot headroom for its size
- Stable, forgiving, and responsive under sail; manageable single-handed
- Multiple keel configurations including bilge, fin, wing, lifting, and centreplate
- Lightweight and towable; shallow draft ideal for inland waterways
- Few reported engineering problems; easy, low-fuss ownership
Cons
- Basic interior finishes
- Performance limited relative to modern yachts
- Age-dependent upgrades likely on older hulls
