Underwear containing grip popular with good farms (13)

I believe the answer is:

smallholdings

I'm a little stuck... Click here to teach me more about this clue!

'farms' is the definition.
(smallholding is a type of farm)

'underwear containing grip popular with good' is the wordplay.
I cannot really understand how this works, but
'containing' could be 'holding' ('hold' can be a synonym of 'contain') and 'holding' is found within the answer.
'underwear' could be 'smalls' (type of underwear) and 'smalls' is located in the leftover letters.
This accounts for all the letters.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for smallholdings that I've seen before include "agricultural areas" , "crofts?" .)

I've seen this clue in The Guardian.

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