Walk around lake house? (5)
I believe the answer is:
place
'house?' is the definition.
(thesaurus)
'walk around lake' is the wordplay.
'walk' becomes 'pace' (pacing is a kind of walking**).
'around' indicates putting letters inside.
'lake' becomes 'l'.
'pace' enclosing 'l' is 'PLACE'.
(Other definitions for place that I've seen before include "Scene; put" , "Endearingly pretty" , "Identify -- station" , "Site" , "Locality" .)