Cheapo larch houses extremely cold (5)
I believe the answer is:
polar
'extremely cold' is the definition.
(I've seen this before)
'cheapo larch houses' is the wordplay.
'houses' indicates a hidden word (part of the clue houses the answer).
'POLAR' can be found hidden inside 'cheapo larch'.
(Other definitions for polar that I've seen before include "Of the frozen regions" , "Extremely cold region" , "Directly opposed" , "Arctic and Antarctic regions, for example" , "Relating to icy regions" .)