James, the hero of David Szalay's twisty, melancholy third novel, "Spring," is a young Londoner who's finally decided to settle down. An Internet startup he launched made him a paper millionaire for a while but soon imploded, so he's ready to trade in the roller coaster of entrepreneurship for a flatter but more secure existence. To do that, he thinks early on, he needs a woman. "She is the indispensable ingredient for such a life," Szalay writes.

Naturally, the novel is largely about how unattainable that can prove to be. Blame James' chosen woman: Katherine is attractive and whip-smart, overeducated for her job as a hotel shift manager. But that job introduced her to her estranged husband, Fraser, a photographer now who's trying to make his way back into her life.

The romantic rivalry established, "Spring" expands into a British novel of manners, albeit one with no obvious model. Szalay doesn't possess the satirical tone of Evelyn Waugh or the fixation on detail of Alan Hollinghurst. Instead, Szalay works in a cooler style, following each of the characters as they attempt to find something with which to replace their heartsickness. James is corralled into a scheme to fix horse races, while Katherine repeatedly escapes London, hoping a change of scenery will help her decide whom to connect with.

The gloominess makes "Spring" a decidedly unromantic romance: It's generally raining, somebody is usually at least half-drunk, and James is so often worried about getting home to walk his St. Bernard that he seems more invested in the dog than a girlfriend. That tone is intentional, establishing just how disconnected the novel's characters are from their emotions. Everybody is concerned about money, but instead of enabling their futures, it usually stands in the way: It complicates James' horse-racing scheme, his disastrous stint as a film producer, and nearly all his friendships. Fraser is similarly frazzled, his dreams of art photography stymied by the need to make a quick buck.

"Not knowing was what was hard," James thinks, contemplating his romantic struggle. "Spring" jumps back and forth in time to capture the perspectives of James, Fraser, Katherine and others, showing how a little more emotional honesty might bring each of them the closeness they crave. That makes for a few plodding scenes where characters avoid discussing what they most wish they could say, and subplots involving James' dissolute friends feel slight. Yet the overall effect is piercing: Szalay respects his characters' vulnerability, and witnessing their ongoing despair can be as heartbreaking to read about as any breakup.

Mark Athitakis is a reviewer based in Washington, D.C. He blogs at americanfiction.wordpress.com.