We present high speed photometric observations of the eclipsing dwarf nova IP Peg taken with the triple-beam camera ULTRACAM mounted on the William Herschel Telescope. The primary eclipse in this system was observed twice in 2004, and then a further sixteen times over a three week period in 2005. Our observations were simultaneous in the Sloan u ′ , g ′ and r ′ bands. By phase-folding and averaging our data we make the first significant detection of the white dwarf ingress in this system and find the phase width φ of the white dwarf eclipse to be 0.0935 ± 0.0003, significantly higher than the previous best value of 0.0863 < φ < 0.0918. The mass ratio is found to be q = M 2 /M 1 = 0.48 ± 0.01, consistent with previous measurements, but we find the inclination to be 83.8 ± 0.5 deg, significantly higher than previously reported. We find the radius of the white dwarf to be 0.0063 ± 0.0003R ⊙ , implying a white dwarf mass of 1.16 ± 0.02M ⊙ . The donor mass is 0.55 ± 0.02M ⊙ . The white dwarf temperature is more difficult to determine, since the white dwarf is seen to vary significantly in flux, even between consecutive eclipses. This is seen particularly in the u ′ -band, and is probably the result of absorption by disc material. Our best estimate of the temperature is 10, 000 -15, 000K, which is much lower than would be expected for a CV with this period, and implies a mean accretion rate of < 5 × 10 −11 M ⊙ yr −1 , more than 40 times lower than the expected rate.