House accommodating old bag (7)
I believe the answer is:
holdall
'bag' is the definition.
(holdall is a kind of bag)
'house accommodating old' is the wordplay.
'house' becomes 'hall' (hall is a kind of house**).
'accommodating' indicates putting letters inside.
'hall' placed around 'old' is 'HOLDALL'.
(Other definitions for holdall that I've seen before include "Large strong bag with handles or shoulder strap" , "Item of luggage" , "retainer" , "Handled bag" , "Bag (contents unlimited?)" .)