The linear stability theory for the Horton-Rogers-Lapwood problem is extended to the case where the porous medium is saturated by a nanofluid with thermal conductivity and viscosity dependent on the nanoparticle volume fraction. The effects of Brownian motion and thermophoresis are considered. In conjunction with the Brownian motion, the nanoparticle fraction becomes stratified, and hence the viscosity and the conductivity are stratified. The nanofluid is assumed to be dilute and this enables the porous medium to be treated as a weakly heterogeneous medium with variation, in the vertical direction, of conductivity and viscosity. In turn this allows an approximate analytical solution to be obtained.