diff --git a/synapse/util/async.py b/synapse/util/async.py
index 347fb1e38..2a680fff5 100644
--- a/synapse/util/async.py
+++ b/synapse/util/async.py
@@ -197,6 +197,51 @@ class Linearizer(object):
         defer.returnValue(_ctx_manager())
 
 
+class Limiter(object):
+    """Limits concurrent access to resources based on a key. Useful to ensure
+    only a few thing happen at a time on a given resource.
+
+    Example:
+
+        with (yield limiter.queue("test_key")):
+            # do some work.
+
+    """
+    def __init__(self, max_count):
+        """
+        Args:
+            max_count(int): The maximum number of concurrent access
+        """
+        self.max_count = max_count
+        self.key_to_defer = {}
+
+    @defer.inlineCallbacks
+    def queue(self, key):
+        entry = self.key_to_defer.setdefault(key, [0, []])
+
+        if entry[0] >= self.max_count:
+            new_defer = defer.Deferred()
+            entry[1].append(new_defer)
+            with PreserveLoggingContext():
+                yield new_defer
+
+        entry[0] += 1
+
+        @contextmanager
+        def _ctx_manager():
+            try:
+                yield
+            finally:
+                entry[0] -= 1
+                try:
+                    entry[1].pop(0).callback(None)
+                except IndexError:
+                    if entry[0] == 0:
+                        self.key_to_defer.pop(key, None)
+
+        defer.returnValue(_ctx_manager())
+
+
 class ReadWriteLock(object):
     """A deferred style read write lock.
 
diff --git a/tests/util/test_limiter.py b/tests/util/test_limiter.py
new file mode 100644
index 000000000..9c795d9fd
--- /dev/null
+++ b/tests/util/test_limiter.py
@@ -0,0 +1,70 @@
+# -*- coding: utf-8 -*-
+# Copyright 2016 OpenMarket Ltd
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+
+
+from tests import unittest
+
+from twisted.internet import defer
+
+from synapse.util.async import Limiter
+
+
+class LimiterTestCase(unittest.TestCase):
+
+    @defer.inlineCallbacks
+    def test_limiter(self):
+        limiter = Limiter(3)
+
+        key = object()
+
+        d1 = limiter.queue(key)
+        cm1 = yield d1
+
+        d2 = limiter.queue(key)
+        cm2 = yield d2
+
+        d3 = limiter.queue(key)
+        cm3 = yield d3
+
+        d4 = limiter.queue(key)
+        self.assertFalse(d4.called)
+
+        d5 = limiter.queue(key)
+        self.assertFalse(d5.called)
+
+        with cm1:
+            self.assertFalse(d4.called)
+            self.assertFalse(d5.called)
+
+        self.assertTrue(d4.called)
+        self.assertFalse(d5.called)
+
+        with cm3:
+            self.assertFalse(d5.called)
+
+        self.assertTrue(d5.called)
+
+        with cm2:
+            pass
+
+        with (yield d4):
+            pass
+
+        with (yield d5):
+            pass
+
+        d6 = limiter.queue(key)
+        with (yield d6):
+            pass