Not quite. Usually just eep or eep(rh) - the rh in brackets as it's 'half-pronounced', very difficult for most Brits as we don't have that articulation. The R gets pronounced more when preceding an open vowel: "Ypres est un..." = eep-rett-uhn" etc.
thanks everyone, you have all just confirmed that the way I have been pronouncing is indeed correct. My daughter and her history teacher can now be corrected with confidence :)
Of course, being in Flanders it also goes by its Flemish name of Ieper (that's a capital i at the beginning, not a small L !); not being a Dutch speaker I've no idea how it's pronounced........