He has a favourite piece of verse (5)
I believe the answer is:
peter
'he' is the definition.
(I've seen this before)
'a favourite piece of verse' is the wordplay.
'a favourite' becomes 'pet' ('pet' can be a synonym of 'favourite').
'piece of verse' becomes 'er' (I can't justify this - if you can you should give a lot more credence to this answer).
'pet'+'er'='PETER'
'has' acts as a link.
Can you help me to learn more?
(Other definitions for peter that I've seen before include "Dwindle away to nothing" , "Early Pope" , "Rock-like apostle" , "Boy's name (maybe blue)" , "emperor" .)