Personal possessions put away at right time in smallest room (7,8)

I believe the answer is:

private property

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'away at right time in smallest room' is the definition.
I can't tell whether this defines the answer.

'personal possessions' is the wordplay.
'personal' becomes 'private' (personal can mean private or individual).
'possessions' becomes 'property' (I've seen this before).
'private'+'property'='PRIVATE-PROPERTY'

'put' acts as a link.

Can you help me to learn more?

(Another definition for private property that I've seen is " personal items?".)

I've seen this clue in The Times.

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